PayPal Could Be Ready By Thursday To Release “Square” Competitor

Mobile payment platform Square may soon have a big competitor on its hands as mobile payment technology provider PayPal is expected to announce its own take on the Square system on Thursday of this week.

According to GigaOm the new system will allow smartphone and tablet users to accept credit cards over mobile and wifi data connections.

It’s also believed that the company’s new mobile payment product will feature a triangle shape that connects to a devices 3.5mm headphone jack.

PayPal’s Anuj Nayar wouldn’t confirm or deny the rumor however he did allude to a special event set to take place on Thursday, noting:

“The future of commerce for small businesses.”

It’s still unclear which company’s PayPal will target considering that Square focuses almost solely on small sized business that can’t afford more expensive systems and who want a less cumbersome solution.

The move to introduce a mobile payment system comes only a short time after PayPal began testing a new payment system in Home Depot stores. PayPal officials hope to bring its payment platform to the masses.

One thing is for certain, the mobile payment industry is quickly rising in prominence. Square processed more than $4 billion in credit card transactions in 2011.

Will you be taking advantage of PayPal’s new credit card payment system for your business if that’s what the company actually rolls out on Thursday?