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Paypal Launches 'Paypal Here' to Compete with Square

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People are definitely changing the way they pay for things, and with mobile payments and smartphones on the rise, mobile payments are bound to increase as well. Paypal has launched a new product called Paypal Here that plugs into a vendors smart phone and allows them to accept mobile payments. Up until now Square was the only product like this on the market and now Paypal is going to give Square a run for their money. Square reported to reach $4 billion in annual payments, making it known that mobile payments are a prominent resource for vendors.

[URL="http://mashable.com/2012/03/15/paypal-takes-on-square-launches-paypal-here-credit-card-reader/"]Mashable[/URL] reporting benefits of Paypal Here over Square: "PayPal Here charges users 2.7% compared to the 2.75% per transaction charged by Square. Each merchant that signs up for the service will also be given a PayPal Debit card which can be used to take cash out of your local ATM as soon as a sale is made, or can be used as a Mastercard to make purchases purchases using the card will earn a merchant 1% back instantly, essentially taking that transaction fee down to 1.7%.

In addition to PayPal Here, PayPal also showed off an updated version of its mobile app today adding a Local section where you can browse for merchants in your area that currently use PayPal."

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