• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

PayPal Here Chip Card Reader Mimics Bitcoin in Backwater Way

Jp Buntinx by Jp Buntinx
7 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Breaking News Brief, Breaking Bitcoin News, Breaking News, Companies, News, News teaser, Services, Technology
0

PayPal has unveiled a new piece of hardware that will make it easier for retailers and in-store merchants to accept contactless card payments, such as Apple Pay, Android Pay, and EMV-enabled cards. The PayPal Here Chip Card Reader has been unveiled to US customers and is aimed to make the transition to these brand new payment options much smoother.

ALso read: What Would Happen if Bitcoin Was Accepted Globally?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

PayPal Here Chip Card Reader Costs US$149Bitcoinist_Paypal Wide

For those merchants who hoped to receive this device at a cheap price, there is a harsh reality to face. Even though the PayPal Here Chip Card Reader will be offered at the price of US$49 to US retailers, they will only be deemed eligible for this offer if they process at last US$3,000 worth of payments within the first three months.

That amount may not seem all that big for most companies, but small businesses might be struggling to reach this threshold in the allotted timeframe. If this target can not be met, the retail price of the PayPal Here Chip Card Reader will be US$149. Albeit this is still a fairly low price for infrastructure upgrades, the question becomes whether or not the benefits outweigh the costs.

Furthermore, owners of the Paypal Here Chip Card Reader will need to have the PayPal Here application installed on a smartphone. With this application, the retailer will have to generate an invoice for the customer’s order, after which all of the available payment methods will be displayed on the PayPal Here Chip Card Reader. Available options will include contactless card payments, card swiping, or tapping the screen for mobile payments such as Apple Pay.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Last but not least, there is no monthly fee associated with this new payment initiative by PayPal. However, every swiped card payment will be subject to a 2.7% fee, allegedly making it fairly competitive with similar card readers designed for small businesses. Whether or not many users will flock to this piece of hardware, remains to be seen, as not everything is as rosy as PayPal wants you to think.

At first sight, the PayPal Here Chip Card Reader seems very flexible in terms of supported payments, which include cash and checks. But in reality, this small piece of hardware, which retailers need to invest in, seems to make paying for goods and services unnecessary complex for the everyday consumer.

Bitcoin Innovation Reversed, Clunky And Not User-friendly?Bitcoinist_Bitcoin green bg

The entire concept of the PayPal Here Chip Card Reader seems to be taking a page out of the Bitcoin playbook, by enabling contactless payment methods. However, the implementation of PayPal’s idea is utterly clunky, far from user-friendly and seems to be missing the entire point of using contactless card payments.

To use an EMV-enabled card with the PayPal Here Chip Card Reader, consumers have to tap their card on the device’s screen. This is not a contactless payment method, as there is clear contact being made between the card and the device. Granted, the card chip is not being read by the machine, but PayPal is checking the wrong boxes in this regard.

Bitcoin payments are far more user-friendly and require no additional infrastructure to be processed by the retailer. All they need is an internet-connected device, just like they will need for the PayPal Here Chip Card Reader. However, there is a far lower fee associated with Bitcoin payments – if any – and payment can be converted to fiat currency payouts to a bank account the very next day.

What are your thoughts on the PayPal Here Chip Card Reader? Let us know in the comments below!

Source: TechCrunch

Images courtesy of PayPal, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

North Korean Hackers

North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack

3 hours ago
Oslo Freedom Forum, Fode Diop on stage

3 Lessons From The Oslo Freedom Forum: Why BTC? Nabourema, Likhachevskiy, Diop

10 hours ago
National Agency of Prospective Projects (NAPP) In Uzbekistan Green Lights BTC Miners

National Agency of Prospective Projects (NAPP) In Uzbekistan Green Lights BTC Miners

16 hours ago
Short bitcoin

ProShares Short ETF Becomes Second-Largest Bitcoin Fund In Record Time

17 hours ago
bitcoin etf sec iStock-1087330672

Why The SEC Will Reject Grayscale’s Bitcoin Linked Spot ETF

18 hours ago
Bitcoin ASIC Miners

Bitcoin ASIC Miners Plummet To Lowest Price Since Jan 2021

21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.