PayPal launched a new version of its card reader this week in the US that can accept a variety of payment methods, including rival services from Apple, Google and Samsung.

The new PayPal device, which debuted on 30 September, accepts chip card, magnetic stripe cards and NFC-based contactless services including Apple Pay, Android Pay and Samsung Pay.

The PayPal Here Chip Card Reader arrived on the same day as Samsung Pay went live in the US, and shortly after Android Pay. Apple launched its payment service in the US last year.

PayPal Here is a rival product to Square, which will imminently announce an initial public offering, it was reported this week.

The PayPal reader connects to both Android and iOS devices to handle transactions. The latest version has been available in the UK and Australia for two years.

It costs $49 through a rebate, which offers a $100 credit to PayPal Here customers that process at least $3,000 within three months of activating the reader.

There is an incentive from Visa and MasterCard for merchants in the US to upgrade to chip card readers.  From 1 October, merchants  who do not accept chip cards will be liable for any point of sale fraud from such cards, rather than be covered for fraud by the card giants.