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Monday, November 14, 2011

iZettle launches its 'chip and PIN' mobile payment service

Last month we reported on Charles Dunstone’s investment in Swedish mobile payment business iZettle. Today iZettle has launched its product commercially.

Registered users need to download a free app to their iPad, iPhone or iPod touch and order a plug-in card reader from iZettle. They’re then able to take ‘chip and PIN’ payments whenever they want.

iZettle complies with the Payment Card Industry Data Security Standard (PCI-DSS) and is Europay, MasterCard and VISA approved. Data traffic is all encrypted, with no sensitive data ever stored on the mobile device or iZettle reader.

Jacob de Geer, CEO and co-founder of iZettle, said “In fewer than 90 days iZettle has grown the Swedish point-of-sale (POS) market by 5%. We’re now ready to enter new markets worldwide where chip cards are standard.”

iZettle has no starting costs and no fixed fees; instead it takes 2.75% of a sale plus a €0.16 transaction fee. Payments are deposited in the seller’s bank account on the next business day.

All pre-registered users in Sweden are now expected to receive their card readers before Christmas. A launch in other European countries is expected early next year.

Author: The Fonecast
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Categories: Retailing, Applications, NewsNumber of views: 7731

Tags: sweden payments ipad iphone izettle

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