Online sources are reporting that PayPal is nearing the launch of their own credit card reading dongle that would attach to smartphones just like Square.

The company is expected to launch this new product at an event scheduled for Thursday.

Square has become massively popular and successful because of their credit card reading device that connects to Apple iOS devices. It enables anyone to start accepting payments through credit cards using their phones.

The reports say that the company would charge a commission on every transaction just like they do for online and mobile payments. The cool thing is that the users would be able to pay using their PayPal accounts instead of their credit cards through the process.

Another interesting thing is that the PayPal dongle is expected to be triangular in shape. A dig at Square brand name!