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PayPal today announced Here, a mobile payments system that will allow small businesses to accept payments through a smartphone.

Much like the service Square created by Twitter founder, Jack Dorsey, PayPal Here accepts debit and credit cards via an encrypted, thumb-sized card reader. It also can use a phone’s camera to scan and process cards or cheques.

The concept is simple: customers get to use their preferred mode of payment; merchants get to accept exactly that, plus invoice directly from a mobile app; PayPal makes money (2.7 per cent; Square is 2.75 per cent) by using its traditional web-based service as the anchor.

PayPal Here made its debut in Australia this morning in the company’s bid to get ahead in the local mobile payments space.

PayPal Asia Pacific’s head of new ventures, Brad Paterson, believes that the service will serve to disrupt the local payment space, being the first of its kind in the country.

“In Australia, PayPal already enables payments for more than 45,000 businesses online. PayPal Here will provide Australian small businesses with a unique, convenient and easy-to-use solution to process payments while on the go.

“PayPal Here brings a truly new and innovative solution to the Australian payments industry, which will have a huge impact on reducing the stress of taking and chasing payments for small businesses and service providers across Australia,” Paterson said in a statement this morning.

PayPal is billing its service as the world’s first global mobile payments system, a dig at the more popular Square, which, as a start-up, does not have the scale to match.

Paterson also took the opportunity to point out that the service is largely unchallenged in Australia, due to the fact that Dorsey’s Square currently has no presence in the Australian market.

Despite today’s announcement of the product and Paterson’s confidence in the platform, PayPal Here isn’t yet in general release. Instead, the payments company has opted to provide the product to a “select number of exclusive merchants”. PayPal expects to release the product to the mass market in the “near future”.

An iPhone version of the app is currently available, while an Android version is on the way. PayPal Australia said in a statement that the card scanning attachment will be free to any business owner that registers their interest in the first six months on the PayPal Here microsite.

Via SmartPlanet