PayAnywhere card payment system debuts

Square might just get some competition in the form of the PayAnywhere card payment system, especially when the latter has just announced that they will be rolling out their very own credit card reader before the month is over. Backed by North American Bancard, the PayAnywhere mobile payment system has every intention to stamp its mark on the masses, especially against other of the more recent launches, by offering a “free” card reader and no monthly fee as added incentives. Verifone and Square will be its competitors here, and as with most great rivalries, there will be plenty of similarities as well. The PayAnywhere card payment system will feature a reader that plugs into a headphone jack.

You will need to fork out $10 for the PayAnywhere reader first, although it will come with an automatic rebate that will be credited back once $150 in sales is processed. There is no monthly fee to worry about, although PayAnywhere will take 2.69% for each transaction in terms of commission. That sounds like a whole lot when you are a huge spender, but then again, it might also be worth investing in for merchants as more and more folks own smartphones these days, and this target market could be a potential goldmine.