PayPal's Good News for Smaller Retailers

This morning I attended a superb seminar on the Future of Shopping, put on by PayPal.  While there were a number of very interesting and considered presentations, the stand out for me was the launch of their new PayPal Here product.  

This is a smartphone application and accessory that turns a mobile phone into a mobile credit-card reader.  It enables small businesses, service providers and casual sellers to accept credit card and PayPal payments via their smartphone, completing transactions wherever they are.

Incredibly simple to use and encrypted, the product is being launched in Australia, one of four early markets around the world.  There are no set-up costs, and transaction costs appear reasonable.  

I encourage smaller and even casual retailers (eg. market stallholders, pop up stores) to have a look - this is definitely good news :)