On 15th March 2012 PayPal revealed their new small accessory for iPhone called “PayPal Here” which can be used to accept Credit Card Payments on an iPhone. Well it’s somewhat similar to what Square revealed but it’s a new innovation in the tech market and also rumored that its going to compete with the Google Wallet.NFC is getting pretty popular but its still not available on iPhone.So this could be the alternative of NFC too.
- Compatible with iPhone, iPod touch, and iPad.Requires iOS 4.2 or later.It will also be available to the Android OS.They will soon launch the Android version of the software.
- Card reader that comes free from PayPal (connected to the 3.5 mm earphone jack of the phone or device)
- PayPal Here Application
- Working internet connectivity in the device.
- Huge PayPal user-base
- Immediate payment anytime anywhere
- Also support Check , Draft and PayPal account direct fund transfer
- Supports iPhone or Android Smartphones
- Immediate balance update on account
- All cards would just have 2.7 % transaction charge
- The card reader and App would come free
- 24×7 Live support
- PayPal Here comes with an encrypted card reader and is backed by PayPal’s world class risk management capabilities – secure, reliable and easy transaction processing and fraud protection for you and your customers.
But this technology does not look to be very promising as people would not trust other people who are using these to accept payment from their credit cards.First of all the main disadvantage of this system is that the person who is making the payments would have to enter account credentials on the iPhone of the person who is receiving the payments.That is something most people wont do.Most importantly the software which would process the payments would be running on the iPhone of the receiving person which makes it very very vulnerable.So basically even though the concept is very good but this technology seems to have some serious loop holes that will eventually be misused by the hackers or manipulated by the users.And one other thing is that you would have to carry the triangular attachment with your phone whenever you are going to receive payments which makes it very very weird.
Though PayPal is very much enthusiastic about this new device we don’t think that its gonna be that much popular.Check it out on the video and please comment about your opinion on this…