PayPal launches mobile payments service

NEW YORK (AP) ? PayPal has launched a mobile payments service that lets businesses accept credit cards using a small triangular card reader attached to an iPhone.

Called PayPal Here, the service is similar to existing mobile payments services such as Square. PayPal, which is owned by eBay Inc., said Thursday that it is making the service available for the iPhone and Android devices.

Customers will be able to pay using credit cards, their PayPal accounts or checks in the U.S. But they don’t need to have a PayPal account to do so.

PayPal will charge a 2.7 percent cut for each credit card and PayPal transaction. Square takes a 2.75 percent charge.