It looks as though the market for mobile payments is getting increasingly competitive.
Stockholm-based iZettle, which lets iPhone and iPad users accept payment from ‘chip and PIN’ cards via a plug-in card reader, has just eliminated its fixed transaction fee of 15 Euro cents per transaction. Consumers taking payments on their iOS device now just pay 2.75% of MasterCard, Visa or Diners Club card transactions or 3.75% of American Express transactions.
The iZettle service is currently being used by more than 50,000 people across Sweden, Norway, Denmark and Finland; it’s expected to expand into the UK within the next few months.
Jacob de Geer, iZettle CEO and co-founder, said “iZettle was created to democratise payments - empower small business, service providers and individuals by taking the confusion and cost out of credit and debit chip-card processing. This is another step towards making card payments accessible and affordable for everyone, no matter the size of your business or your average transaction.”