Intuit Pay is a combination of a Bluetooth device and a mobile app and is targeted at smaller companies rather than consumers, enabling SMBs, start-ups and sole traders to accept credit and debit card payments providing they have an internet connection.
The gadget goes head-on against PayPal Here, which is going international this summer, and other offerings like iZettle. Intuit will seek initial momentum by waiving the upfront fee for the device - about $150 - for a limited time. iZettle and PayPal Here charge a fee of below $150 and then a 2.75% commission per transaction.
"Current solutions are either too expensive, demand long term contracts or simply don't work where businesses need them," Terry Hicks, VP of products for Intuit, said in a statement.
Meanwhile, the Intuit Pay iOS will be available initially for iOS, with an Android version due ni the coming weeks. From next month, the mobile payment solution will be able to connect with Intuit's accounting software, Quickbooks.
Meanwhile, PayPal has acquired mobile app developer Duff Research, for an undisclosed sum. Duff has built about 40 mobile apps for companies such as TiVo and Adidas and its team of 18 people, led by co-founder Geoff Chatterton, will join the eBay unit.
PayPal is not only trying to enrich its mobile platform, but to inject more innovation into its often slow moving culture. It new president, David Marcus, has made this change a key objective. "What we're really after with this deal is the innovators and experience," said CTO James Barrese. "We are reinventing our organization to be more technology led."
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