The card reader, which will enable contactless card payments from debit and credit cards, will be released in the UK and Australia in the summer of 2015 with a US launch set to follow later in the year.
PayPal Here, aimed specifically at businesses on the move such as traders, photographers or caterers, will also enable firms to log cash and cheques and send invoices and receipts - also accepting contactless NFC-based payments.
The reader will take a 2.75% cut of all transactions, which could raise substantial capital as PayPal claims to have 162 million active digital wallets globally, including 20 million in the UK.
In recent news, PayPal has agreed to acquire Paydiant, a startup that provides white-label mobile payments.
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