PayPal card reader will accept all major credit brands

The online payment processing division of eBay has made recent efforts to expand into the real world, and the company revealed that its mobile credit card reading device would be able to accept purchases using plastic issued by all the major brands.

PayPal's new credit card reader will be able to accept payments from Visa, MasterCard, Discover and American Express, according to a report from Bloomberg Businessweek. Further, the device will also be able to send customers invoices, rather than simply accept payments on the spot.

"We try to see where the world is going and create products to fit that," John Donahoe, chief executive officer of eBay and interim president of PayPal, told the news agency.

To increase the security of credit card accounts when they are scanned by the new card reader, PayPal will also encrypt payment information so that nothing is stored on the phone itself, the report said.

Credit card account security is often of the utmost importance to consumers, and another important aspect of protecting finances is regularly checking a credit report. By doing so, consumers may be able to identify any erroneous or unfair entries that can negatively affect their credit.