19 April 2014
Your browser is unable to support Flash files.

PayPal Here brings festive cheer to Covent Garden market traders

13 December 2013  |  3360 views  |  0 Covent Garden

Stallholders at Covent Garden's arts and craft market in central London have been equipped with mobile point-of-sale card readers supplied by PayPal, enabling them to accept debit card payments over the busy Christmas shopping period.

The move breaks with an 800-year old tradition of cash-only payments at the popular indoor market, which is expecting more than eight million visitors over the Christmas shopping season.

PayPal says the initiative marks the end of the "cashpoint dash", as traders cash in on millions of pounds' worth of sales that would otherwise be lost when cashless customers promise to return - but never actually do.

Market trader Adam Regester says: "Most people these days just don't have ready cash with them and they expect you to have a card machine of some sort. People would come to my stall, they would look at items and ask if I took cards. When I suggested they go to the nearest cash machine, often they wouldn't do that or wouldn't come back."

He says his takings shot up by 30% on the first day of using the PayPal mobile card reader.



PayPal research has shown that most people typically carry no more than £20 ready cash with them and that small businesses may be missing out on up to £800 million worth of sales every year by not taking credit and debit card payments.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related stories

26 November, 2013
18 October, 2013
08 August, 2013
15 May, 2013
14 March, 2013
22 February, 2013
30 May, 2012
16 March, 2012

Related company news

 

Featured job

to £90k base, £180k OTE, full benefits
London, UK

Find your next job