PayPal users can make purchases with smart phones

March 16, 2012 5:09:19 AM PDT
PayPal users can now make purchases with the swipe of their smartphone.

On Thursday, PayPal released a blue triangle device that plugs into the headphone jack of a smartphone. The device is called PayPal Here. Users can swipe the device to make a purchase at participating businesses and retailers.

The device and the app are free to both consumers and merchants. However, PayPal will charge 2.7 percent to make a transaction. That's just slightly lower than a charge by a similar service called Square.