A new payment acceptance provider is aiming to
take on the likes of Square and VeriFone with and EMV-compliant
payments app.
iZettle, a Swedish mobile payment app has gone
live with its mobile payments acceptance product on the country’s
app store, but is looking to distribute the service and product
outside of Sweden as soon as possible.
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It is similar to the model operated by Square
and also charges 2.75% of each sale, plus SEK1.50 ($0.23). There is
no monthly fee involved.
The product supports EMV-technology and
complies with Payment Card Industry Data Security Standards. The
vendor said that data traffic remains encrypted and that no data
gets stored on the iOS device.
Users will have to download the app, compatible with the iPad,
iPhone and iPod Touch, sign up for a chip-card reader, which will
be sent to them in the post.
As a marketing initiative to kick off its
downloads, the vendor is giving away 2,000 card readers free of
charge.
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By GlobalDataThe launch of the Swedish payment acceptance
product comes five months after
VeriFone CEO Douglas G Bergeron critised Square for for
overlooking a “serious security flaw” that places consumers in
“dire risk”.
Bergeron argued that a “reasonably”
skilled programmer could write an application in less than an hour
that could skim a consumer’s financial and personal information off
their cards using Square’s POS equipment.
