Consumers will have no excuse to be not spending at small businesses anymore after PayPal has introduced its new chip and pin device.

This is great news for smaller businesses, as it means that even at the most basic level of trading, businesses owners will be able to offer Paypal as a payment method. This is particularly good for market traders, as this will offer a welcome alternative to cash or cheques, which is the often the only way shoppers can make purchases.

This will mean that in smaller businesses, where sales are often lost because the customer isn’t carrying actual cash with no other form of payment available, that takings are likely to increase because of the popularity of the Paypal system, as well as providing credit and debit card payment facilities.

President of Paypal, David Marcus, said: ‘We spend a huge amount of time talking and listening to small businesses. They are the core of Paypal’s business and they’ve told us that they want a simple and secure to take card payments anytime and anywhere they trade’.

It is estimated that the device will have an initial cost of under £100 and it will be available to a select number of businesses before it is fully launched to the whole of the UK in summer.