PayPal to Launch Square Competitor Thursday

PayPal will soon take on Square with a mobile payment dongle that will allow business owners process credit card payments through their smartphones, a news report claims.

According to GigaOm, PayPal is going to announce the solution on Thursday. Citing “sources we’ve talked to who are familiar with PayPal’s plan,” the report states the dongle will look like a triangle and compete not just with Square, but with Verifone’s PAYware and Intuit’s GoPayment as well.

PayPal’s representatives couldn’t be reached for immediate comment on the report.

Considering the recent excursions of PayPal into offline payment systems, this initiative seems to be a reasonable one. Back in November last year, the eBay-owned company announced PayPal Wallet – a card that allows consumers pay from multiple accounts, store and use gift cards, access special offers and even store receipts. The product is scheduled to roll out somewhere this year. In addition to this, PayPal has also already rolled out a program that enables shoppers use its services in over 2,000 Home Depot stores. PayPal also has plans to enlist over 20 retailers to its program by the end of this year.

Square, on the other hand, is owned and run by Twitter co-founder Jack Dorsey. It has pointed out earlier how fertile the market is for small business-based mobile payment solutions.  Square is currently processing $4 billion worth of payments. The company saw its 1 millionth small business customer back in December. Also, the company is colonizing new areas of commerce, such as New York taxis. Square also launched an iPad app earlier this month that focuses on supplant traditional cash registers.

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