PayPal is already one of the leading online payment services. However, now it may have its sights set on mobile payments which is an exploding industry, given the millions of smartphones bought every month. According to reports, PayPal may launch a dongle of its own which would made processing credit cards transactions on smartphone devices possible!
Similar dongles have already been launched by companies like VeriFone, Square and Intuit. And if PayPal intends to launch such a dongle into the market, that would put it directly against these aforementioned rivals.
This dongle can be connected to a smartphone and then, credit card transactions can be easily processed on the device. It can prove very useful to small businesses.
However, PayPal hasn’t confirmed the reports and rumors as of yet. According to a PayPal representative, “While we cannot comment on rumors and speculation, what we can tell you is that at the PayPal event on Thursday we will unveil what we believe will be the future of commerce for small businesses.”
PayPal is already making leaps to enter into the world of credit card transactions. The company recently tested a program which allow customers to pay for purchases at Home Depot stores in San Francisco Bay Area with PayPal card or a mobile phone number and PIN code. PayPal intends to add 20 more retailers to its list.
Square is currently one of the companies who are handling maximum volume transactions. It handles $4 billion in payments each year. If indeed the rumors of a PayPal dongle are correct, PayPal will be directly competing against Square.