Paypal has launched a chip and pin machine for European markets. The new machine will allow small businesses in Britain to transact with credit card, debit card and paypal payments, with what is essentially a European retro-fit of the already awesome PayPal Here card swiper, used extensively in the US.

Of coure, cards with chip and pin verification are far more common in European markets (and in South Africa), so a swipe-only device wasn’t going to hack it.

The president of Paypal had this to say:

At Paypal, we spend a huge amount of time talking and listening to small businesses. They are the core of Paypal’s business and they’ve told us that they want a simple, secure way to take card payments anytime and anywhere they trade.

The device will cost under £100 once-off, and PayPal will take a cut of less than 3% of the transaction.

Mark Thomas will be among the first of a cluster of small business owners to test the device in his ice cream stall at London’s Borough Market. Thomas said the device will increase sales because,

Cash is king in the market, but people run out of cash very quickly, and we often lose sales because customers can’t face the long weekend wait at the ATM.

The device will be introduced to the rest of the world after it’s introduction to the UK, barring any major snafus.

[Source: BBC News]