The EMV chip card-enabled PayPal Here will be available in the U.S. on Sept. 30.
PayPal says its mobile card reader, for both iOS and Android platforms, will allow merchants to accept chip, magnetic stripe and contactless Near Field Communication transactions, such as those through a tap-and-go process from mobile phones for Apple Pay, Android Pay and Samsung Pay.
Payments companies providing card readers for small merchants have been preparing to offer an EMV model to coincide with the U.S. liability shift to EMV chip cards, which takes hold Oct. 1.
On that date, a merchant unable to accept EMV chip cards becomes liable for any fraudulent mag-stripe transactions, including those taken from consumers presenting a chip card. EMV chip cards will continue to carry a mag-stripe as backup technology.
The
The PayPal Here reader costs $49 through a rebate offer that provides U.S. customers a $100 credit if they process at least $3,000 within three months of activating the reader.
A year ago,
PayPal Here charges 2.7% per card swipe with the only additional fees at 1% for cross-border transaction acceptance from non-U.S. cards and a 3.5% rate for manually entered transactions.
