Retail in Asia

In Trends

PayPal launches PayPal Here to ignite commerce revolution for SMBs across the Asia-Pacific region

PayPal on Friday launched the new mobile solution PayPal Here in Hong Kong. PayPal Here, a global mobile solution that allows small businesses to accept multiple forms of payments using a free mobile app and a fully-encrypted thumb-sized card reader, enables iPhone or Android smartphone users to accept credit and debit cards and PayPal payments on-the-go, while being paid instantly into their PayPal account.

Small businesses form the economic backbone of the Asia Pacific market with over 150 million small-and-medium sized businesses (SMBs) accounting for over 90 percent of all businesses and nearly 70 percent of employment across the region.

"PayPal is transforming the USD1.3 trillion SMB retail market across the Asia Pacific region by enabling millions of small businesses to accept card and PayPal payments on a smartphone anytime, anywhere to grow their sales. We’re delighted to be the first in Asia-Pacific to offer this innovative mobile solution with the widest choice of payment options to support the growth of small businesses in the region," said Rupert Keeley, senior vice president, PayPal Asia Pacific.

With PayPal Here, merchants no longer have to go through an often very challenging and time-consuming process to get a merchant account to collect card payments. Instead, they can open a PayPal account, download the PayPal Here merchant app on a smartphone and order the PayPal Here card reader to start accepting payments faster than ever before.

Merchants can accept payments by swiping cards in the card reader, scanning cards using their phone cameras, manually entering card information into the app, and of course, receive PayPal payments. They can also send an invoice and set payment terms directly from the app. The card reader encrypts card information as it swipes and is backed by PayPal’s world class security and fraud prevention capabilities, as well as 24×7 live customer support.

Mobile technology ushers in the new era of the entrepreneur

The Asia Pacific market has some of the highest smartphone adoption rates in the world, with 137 million smartphones shipped across the region in 2011. With a smartphone and PayPal Here, it has never been easier to start up a business today and easily accept multiple forms of payments.

Keeley added: "PayPal is going to change the way millions of merchants and consumers connect with each other in the Asia Pacific region. With PayPal Here, smartphones will become the new retail points of presence for small and micro-businesses across the region. We’re excited to empower any Asian to be an entrepreneur –  the possibilities are limitless with a smartphone and PayPal Here."

PayPal also released the latest version of its PayPal Mobile app for iPhone today, a consumer app that complements PayPal Here. PayPal users will be able to use the "Local" feature on the PayPal app to find nearby businesses that accept PayPal Here. Once that customer is ready to pay, she can notify the merchant by a quick tap on her mobile phone. Merchants can use PayPal Here to accept the payment by simply referencing the shopper’s name and picture — no wallet needed.

Availability and pricing

The PayPal Here card reader and merchant app for iPhone have been available since Friday exclusively for select merchants in Australia and Hong Kong with more Asian markets in the near future. It will be generally available in multiple Asian markets soon. The Android version of the PayPal Here merchant app will be available at that time.

There are no account setup or monthly fees for PayPal Here and the card reader is free for the first six months. Merchant rates are competitively priced for card swipes and PayPal payments at 2.4 percent + AUD0.30 in Australia and 3.9 percent + HKD2.35 in Hong Kong.

The updated iPhone app is available in available at Apple Store globally now.