PayPal Here

Posted by admin, on March 21st, 2012

Image via CrunchBase

Since PayPal launched its new payment service “PayPal Here” last week, it has raked in thousands of sign-ups. In fact, in the first 24 hours of its introduction, the online payment company says it was getting 1,000 sign-ups per hour.

“To say there’s been some interest in our new offering would be an understatement,” PayPal spokesman Anuj Nayar said in a statement today. “Clearly there’s a need for a secure, global solution that provides small businesses the flexibility to get paid anytime, anywhere, any way.”

The idea of PayPal Here actually riffs on an idea that already exists–Square. Both offer a free service in which a device is plugged into a smartphone headphone jack and lets merchants or individuals accept credit cards though the phone. The goal is to streamline and simplify in-person payment transactions. Intuit and VeriFone Systems also offer similar devices.