Goodbye chip and PIN, even market stalls will soon take contactless payments thanks to PayPal

PayPal is soon to introduce a new version of its card reader for small businesses and market traders that will also accept contactless payments through built-in NFC technology.

The company had previous ranged a PayPal Here chip and PIN reader that could accept card payments from customers no matter which credit or debit card they had, or even use their PayPal online accounts, and the digital wallet company made it cheap enough that even the smallest of traders could afford to buy and use it. Now it has added NFC to the mix, there's no stopping contactless payments from becoming the de facto standard.

As well as contactless payment cards, smartphone users can even use their iPhone 6 or Android phone to pay, including through the PayPal Here app by just tapping their device to the new reader.

The retailer pairs the device to their smartphone and the rest is simple - it works just like a regular mobile payment machine.

The new PayPal Here reader will be available for a one-off fee to the trader, with PayPal also taking a small fee for each transaction made using it. It will be on sale in the UK by summer and will also be heading to Australia and the US.

An overall price and the fees involved are yet to be revealed.

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