iZettle, Evolution In Mobile Payment Solutions
Posted by iZettle, a new mobile payment system from Sweden, seems poised to get attention on the European market with it's smart card reader and iPhone combination. This is the same business Square has built up in the US, with the major credit card companies paying very close attention (Visa is a strategic investor) especially after a recent company evaluation of $1B. So why is there such a buzz? Because regular payment terminals that take Visa, Mastercard, et al, are expensive and cumbersome to manage for small businesses. Square and iZettle's offerings are simple: a smart-phone, a free app and a free reader. The fees for use are even less. That said, it's a heated marketplace with many players, including PayPal, Google (Wallet) and a slew of upcoming offerings from established financial players.
Check out the fancy videos from both companies to get a better idea of how these systems work. The only thing I don't get from the iZettle video is the notion of inserting and extracting the card-reader for every purchase... hopefully just an oversight that gets fixed in real testing.
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