Reuters reports that discount deal site Groupon announced today that it is launching a new mobile payment platform to compete with Google Wallet, Square, and PayPal's mobile payment programs. The Groupon mobile payment plan charges a lower rate for payment processing than other options and is designed to appeal to merchants offering deals through Groupon's deals site. Immediately upon announcement, Groupon's stock rose 7.5% on Wednesday.
Groupon's mobile payment program is designed to compete: it will charge 1.8% for MasterCard, Visa, and Discover cards, compared to a 2.7% transaction fee from PayPal. American Express charges are higher; 3% plus a 15-cent per swipe fee.
More info can be found at Reuters.