PayPal “To Launch Square Competitor”

We’ve mentioned mobile payment processor Square quite a few times over the last year or so, despite its current unavailability in the UK.

Square dongle close up

With a mixture of smart marketing and innovative, cost effective functionality, Square has managed to find itself a niche in payment processing for smaller retailers (and now New York taxis too), and has no doubt managed to worry some of the payment industry’s more established companies.

And now they may have a new competitor in the form of PayPal, who are rumoured to be launching their own mobile payment dongle, according to GigaOm.

The dongle, which might be shaped like a triangle, will allow small business owners to process credit card swipes from a smartphone, similar to Square, Intuit’s GoPayment and Verifone’s PAYware.

PayPal have been trialling more and more tools for retailers, so this move would not be unexpected, especially when they see the figures that Square is notching up, processing $4bn in payments each year.

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