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Payments firm Paypal has launched a chip-and-pin machine designed to offer new sales methods to UK small businesses that have previously relied on cash or cheques.

It means market traders, taxis and shops will be able to accept credit and debit cards as well as Paypal payments.

There will be an initial cost "under ?100" for the Paypal Here device.

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The firm, which faces competition from other similar devices, said it will take a transaction fee of less than 3%.

"At Paypal, 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, secure way to take card payments anytime and anywhere they trade," said David Marcus, president of Paypal.

Paypal is offering the devices to a few select businesses before a full launch in the summer. It will roll out in the UK first with other countries to follow.

In the US, it has already brought out a similar device, a dongle that can be plugged into a mobile phone to act as a credit card reader.

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