PayPal is expected to launch a new version of PayPal Here with a card reader capable of processing contactless NFC and EMV transactions in the US this October. PayPal Here is a POS functionality within the PayPal mobile app that allows merchants to accept payments.
The updated PayPal Here reader has been developed with much consideration to the friction involved with POS hardware, multiple devices and the evolution of payment transactions. This innovative advancement will enable merchants to be equipped with an all-in-one POS solution to meet the payment needs of their business.
As the consumer use of mobile wallets increase, a POS system that can service customers paying with near-field communication (NFC) technology, such as Apple Pay, Android Pay, and Samsung Pay, is becoming a must-have for retailer with tech-savvy customers. Businesses that invest in using a multiple-interface POS system will have a competitive advantage in retaining their tap-and-go mobile wallet customers.
The EMV-integrated PayPal Here card reader will be available just in time for merchants to be compliant with the US BuySecure initiative October 2015 deadline.
On October 2014, President Obama signed a new executive order—the first part of the new BuySecure initiative that takes critical steps to protect consumers’ financial security and improve confidence in the marketplace. With the initiative in effect, the US is adopting the EMV-based chip-and-pin technology which has already proven to reduce in-store fraud in the UK, Australia and Canada. Key influencers in the payments community have voiced their support.
On July 9, 2015, The White House Office of the Press Secretary released the following FACT SHEET: Administration Cybersecurity Efforts 2015:
As of June 2015, GSA has worked with the payment industry to issue over 463,000 EMV equipped charge cards to Federal employees. In a phased approach, 4 million debit cards used by recipients of Federal benefits through the Direct Express® program are transitioning to this technology. In addition, nineteen Federal agencies are currently transitioning to new payment terminals while others will make the transition later in the year.
The new Paypal Here card reader will enable these businesses to accept any chip card, magnetic stripe card, or contactless payment form, including mobile wallets. This technology can vastly improve payment functionalities for small businesses throughout the US and, as a result, increase the impact of sales for these merchants.
PayPal is a truly global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. For more information on PayPal, visit about.paypal-corp.com.