Top PayPal story from CNN: JPMorgan is taking on Square with a new card reader

From CNN:

(CNN Business)Square and PayPal are disrupting the commercial banking industry. Now, the United States’ largest bank is fighting back.

On Wednesday, JPMorgan Chase(JPM) released a card payment provider, QuickAccept, as part of a new checking account service called Business Complete Banking. With the new service, the bank is hoping to attract small-business owners, a spokesperson said.

Vendors can take card payments through the Chase mobile app or QuickAccept’s contactless card reader, and the service will offer same-day deposits without any fee to those with Chase bank accounts (Square, for example, charges a 1.5% fee for instant transactions).

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