iZettle, the Swedish mobile payments startup that basically competes with Square, has gone live on the App store in the Nordic markets today (Denmark, Norway and Finland). It’s making 5,000 card reader devices available in each country. They’ve also appointed a UK managing director, Stewart Roberts. Stewart was former Director of Global Innovation at Barclaycard. A launch in the UK is therefore all but confirmed.
Unlike square, iZettle’s card reader is a “chip and signature” device, which makes it more secure than Square. However it doesn’t have quite the same advantages, as its reader uses Apple’s proprietary connector so it has to pay Apple for the license on that.
Chip-based payments are the standard in Europe which means it is much better positioned than Square on this market.
iZettle charges sellers 2.75% on a sale plus €0.16. Funds get transferred to bank accounts on the next business day.
The company, appearing at Mobile World Congress, says it has 25,000 users and is most popular in Sweden so far.