PayPal releases NFC-enabled card reader

PayPal has unveiled a new point-of-sale solution with NFC capability, meaning that its merchants will be able to accept mobile payments from Apple Pay and Google Wallet.

The new device revealed at Mobile World Congress can take payments from chip-and-pin cards as well as NFC-enabled devices. It will be released in the UK and Australia by this summer and will reach the US later in the year, VentureBeat reported.

PayPal has released an NFC-enabled reader ahead of Square, which announced its chip-and-pin reader in November last year, and is expected to start shipping units to merchants this quarter.

Payment companies are speeding up their product releases ahead of the US EMV-transition deadline and in response to a steady increase in mobile payments. While PayPal released its first EMV reader in the UK in 2013, it promised last month to bring a similar product to the US market.

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