With partial news of PayPal Here having leaked out earlier this week when GigaOm, a Silicon Valley tech news service, reported that PayPal would this week announce a card swiper for smart phones, many industry observers concluded the new product would be aimed at the startup Square Inc., whose swiper also attaches to handsets via the devices' audio jack. Having launched only in 2010, San Francisco-based Square has recruited an estimated 1.3 million merchants and says it is processing an annualized $4 billion in volume. PayPal Here's swipe rate, indeed, undercuts Square's by 5 basis points, though the two apps' card-not-present pricing is the same. Contacted by Digital Transactions News, Square had no comment on PayPal Here.