Long a staple of alternative payment options in the U.S., PayPal will be making its British debut this summer.
PayPal Here includes a handheld, chip & PIN reading device. This will allow the company to take advantage of the swipe-free, chip & PIN dominated markets of the UK and Europe. The device will be made available to a few British merchants this spring before the official product launch later in the year.
So why did the PayPal cross the Atlantic? Here are a few clues worth keeping in mind:
- The mobile payments market in the UK is estimated at 18 million customers
- The UK represents PayPal’s second largest market beyond the U.S.
- The UK has smartphone penetration of 61%, among the highest in Europe
Take a look at how PayPal Here will work for British merchants and their customers in this video.
With plans to expand beyond the UK to the continent (including, perhaps, to France, home country of PayPal president David Marcus, as noted by TechCrunch‘s Ingrid Lunden), PayPal Here is currently available in Canada, Australia, Hong Kong, and Japan.
PayPal last demoed for Finovate at FinovateEurope 2012. See its presentation here.