Financial software company Intuit is piloting a mobile payment service, Intuit Pay, for small businesses in the UK.

Intuit Pay transforms a mobile device into a payment terminal using an app that connects to a chip-and-PIN card reader. The service will also allow merchants to accept payments online.

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Intuit Pay has been approved by both Visa and MasterCard. The company is aiming to give Intuit Pay an edge in an increasingly crowded market with the acceptance of the product by two of UK’s major issuers and its existing relationship with small business customers through products such as Quick Books (a financial management programme).

Earlier in November, Swedish company iZettle announced the launch of its mini-chip card readers in the UK aimed at small businesses and tradespeople. This was swiftly followed by an announcement from payment processing giant WorldPay that it was targeting micro-merchants with a smartphone card acceptance device.

Chris Hylen, vice president and general manager of Intuit’s Payment Solutions division, said:

"Intuit has a long history in helping small businesses solve all their payments needs. We understand that getting paid is crucial to their success. The payments opportunity for small businesses in the UK is significant, and this pilot is our first step to enabling small businesses around the world get paid – faster and easier."

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Electronic payment transaction company Global Payments will provide the payment services for Intuit Pay.

Related articles:

iZettle launches in Britain with EE

WorldPay extends micro-merchant pilot Smartphone acceptance service