PayPal is expected to announce Thursday their competitor to Square’s mobile payment gadget that lets business owners process credit card payments via their smartphones. PayPal’s product will reportedly be triangle-shaped to distinguish itself from the established Square.
Square, run by Twitter co-founder Jack Dorsey, recently added its 1 millionth small business customer and is now processing $4 billion worth of payments. This shows how hot the market currently is for small business-based mobile payment solutions. It should be interesting to see how much of the expanding market PayPal can penetrate.