As a result, Its Cash for Registers initiative waives the processing fees for the year – of between 1.4% and 3.4% on the total sale amount plus a 20p per transaction – in order to get more merchants using mobile payments. There is a one-off fee to buy the Here dongle, which connects wirelessly to a cash drawer and printer via an app.
He said: “At PayPal we’re committed to that vision of the future of shopping, and Cash for Registers is driving that transformation.” Companies that get on board will also be promoted among PayPal’s 55m customer base in the US, the president explained. Home Depot and Abercrombie & Fitch are already using the system in stores.
It is unclear whether or not PayPal will be launching a similar initiative in the UK.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.