Media & Entertainment

Ahead Of PayPal And Square, Intuit Rolls Out Mobile Payments In Europe, Starting First In The UK

Comment

The mobile payment market in Europe continues to get more crowded, with the latest wave of entrants coming from across the pond to join a number of homegrown startups targeting the millions of businesses in the region that still do not accept credit card payments. Today, Intuit opened up its mobile device-based card payment service, Intuit Pay, for general availability in the UK — just a few weeks after PayPal announced that it would be bringing its own mobile payment service, Here, to the UK later this year. Square, Intuit’s biggest U.S. rival, has yet to announce any plans for Europe.

Despite the fact that there are a number of mobile payment providers hitting the market, there is also still a very big lack of adoption. A survey of small, fewer-than-10-employee businesses in the UK by Intuit found that only 19 percent of respondents took card payments.

Intuit Pay, which was first announced back in November 2012, is launching in the UK first, but this is just the beginning. Terry Hicks, VP of products for Intuit’s global business division, told TechCrunch in an interview that the intention is to use the UK as the first market ahead of a wider European and worldwide rollout. Hicks points to QuickBooks as an example of how Intuit takes products international: when it rolled out globally, it debuted first in the UK and then shot over to Singapore. Intuit Pay is rolling out initially with an iOS app, although other platforms like Android are on their way soon.

Like many of the other mobile payment companies in Europe — they include iZettle, SumUp, Payleven, mPowa, and more — Intuit has come up with a payment solution that meets the requirements of card processors, specifically Visa Europe, which has blocked certain services when they haven’t met their security standards.

This has meant, at least in part, doing away with the snappy little dongles that plug into mobile handsets and have become the unofficial trademark of these kinds of services — so much so that Square issued a legal C&D to mPowa when it decided that its marketing, featuring one of these dongles, looked too much like its own.

So, Intuit (like the others) has created a card reader with a keypad for users to enter PINs that correspond with the chips embedded in the cards to authenticate users. This subsequently links to an app on your iOS device to process the payment, send receipts and more. Transactions are charged at a 2.75 percent flat rate.

While companies like iZettle and Payleven are charging around $65 for their card readers, Intuit is hoping to sweeten the deal as the newest entrant by offering these devices for free for a limited time, along with a free app and free access to Inuit’s online payments service. Intuit, whose wider business is geared towards business software for small and medium businesses, says that Intuit Pay can also integrate with QuickBooks, Intuit’s accounting software.

Indeed, the fact that Intuit has a strong suite of other business products to sell alongside and integrate into Intuit Pay may be one reason why it would be willing for forego upfront margin. It is also part of the reason why the company is so bullish about entering new markets not as the first entrant.

“We think of Intuit Pay as part of an operating system, one that includes QuickBooks but other products, too,” Hicks told TechCrunch. “Intuit Pay embraces the fact that it provides a one-stop shop. Once you sign up, you get all the invoice, payment, offline, mobile invoicing included.”

Intuit’s U.S. business is also setting a decent precedent for confidence. In Q2 of this year, Intuit’s payments solutions business grew 18 percent, with card transactions within that growing 10 percent, largely because of GoPayment (Intuit Pay’s equivalent in the U.S.).

The company says that over the last two years, its payments business grew by 15 percent to $417 million in 2012, up from $313 million. The company says that overall transaction amounts that pass through that payments business were $37.8 billion in 2012, $30 billion of that with cards.

More TechCrunch

OpenAI is removing one of the voices used by ChatGPT after users found that it sounded similar to Scarlett Johansson, the company announced on Monday. The voice, called Sky, is…

OpenAI to remove ChatGPT’s Scarlett Johansson-like voice

Consumer demand for the latest AI technology is heating up. The launch of OpenAI’s latest flagship model, GPT-4o, has now driven the company’s biggest-ever spike in revenue on mobile, despite…

ChatGPT’s mobile app revenue saw biggest spike yet following GPT-4o launch

Dating app maker Bumble has acquired Geneva, an online platform built around forming real-world groups and clubs. The company said that the deal is designed to help it expand its…

Bumble buys community building app Geneva to expand further into friendships

CyberArk — one of the army of larger security companies founded out of Israel — is acquiring Venafi, a specialist in machine identity, for $1.54 billion. 

CyberArk snaps up Venafi for $1.54B to ramp up in machine-to-machine security

Founder-market fit is one of the most crucial factors in a startup’s success, and operators (someone involved in the day-to-day operations of a startup) turned founders have an almost unfair advantage…

OpenseedVC, which backs operators in Africa and Europe starting their companies, reaches first close of $10M fund

A Singapore High Court has effectively approved Pine Labs’ request to shift its operations to India.

Pine Labs gets Singapore court approval to shift base to India

The AI Safety Institute, a U.K. body that aims to assess and address risks in AI platforms, has said it will open a second location in San Francisco. 

UK opens office in San Francisco to tackle AI risk

Companies are always looking for an edge, and searching for ways to encourage their employees to innovate. One way to do that is by running an internal hackathon around a…

Why companies are turning to internal hackathons

Featured Article

I’m rooting for Melinda French Gates to fix tech’s broken ‘brilliant jerk’ culture

Women in tech still face a shocking level of mistreatment at work. Melinda French Gates is one of the few working to change that.

23 hours ago
I’m rooting for Melinda French Gates to fix tech’s  broken ‘brilliant jerk’ culture

Blue Origin has successfully completed its NS-25 mission, resuming crewed flights for the first time in nearly two years. The mission brought six tourist crew members to the edge of…

Blue Origin successfully launches its first crewed mission since 2022

Creative Artists Agency (CAA), one of the top entertainment and sports talent agencies, is hoping to be at the forefront of AI protection services for celebrities in Hollywood. With many…

Hollywood agency CAA aims to help stars manage their own AI likenesses

Expedia says Rathi Murthy and Sreenivas Rachamadugu, respectively its CTO and senior vice president of core services product & engineering, are no longer employed at the travel booking company. In…

Expedia says two execs dismissed after ‘violation of company policy’

Welcome back to TechCrunch’s Week in Review. This week had two major events from OpenAI and Google. OpenAI’s spring update event saw the reveal of its new model, GPT-4o, which…

OpenAI and Google lay out their competing AI visions

When Jeffrey Wang posted to X asking if anyone wanted to go in on an order of fancy-but-affordable office nap pods, he didn’t expect the post to go viral.

With AI startups booming, nap pods and Silicon Valley hustle culture are back

OpenAI’s Superalignment team, responsible for developing ways to govern and steer “superintelligent” AI systems, was promised 20% of the company’s compute resources, according to a person from that team. But…

OpenAI created a team to control ‘superintelligent’ AI — then let it wither, source says

A new crop of early-stage startups — along with some recent VC investments — illustrates a niche emerging in the autonomous vehicle technology sector. Unlike the companies bringing robotaxis to…

VCs and the military are fueling self-driving startups that don’t need roads

When the founders of Sagetap, Sahil Khanna and Kevin Hughes, started working at early-stage enterprise software startups, they were surprised to find that the companies they worked at were trying…

Deal Dive: Sagetap looks to bring enterprise software sales into the 21st century

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: OpenAI moves away from safety

After Apple loosened its App Store guidelines to permit game emulators, the retro game emulator Delta — an app 10 years in the making — hit the top of the…

Adobe comes after indie game emulator Delta for copying its logo

Meta is once again taking on its competitors by developing a feature that borrows concepts from others — in this case, BeReal and Snapchat. The company is developing a feature…

Meta’s latest experiment borrows from BeReal’s and Snapchat’s core ideas

Welcome to Startups Weekly! We’ve been drowning in AI news this week, with Google’s I/O setting the pace. And Elon Musk rages against the machine.

Startups Weekly: It’s the dawning of the age of AI — plus,  Musk is raging against the machine

IndieBio’s Bay Area incubator is about to debut its 15th cohort of biotech startups. We took special note of a few, which were making some major, bordering on ludicrous, claims…

IndieBio’s SF incubator lineup is making some wild biotech promises

YouTube TV has announced that its multiview feature for watching four streams at once is now available on Android phones and tablets. The Android launch comes two months after YouTube…

YouTube TV’s ‘multiview’ feature is now available on Android phones and tablets

Featured Article

Two Santa Cruz students uncover security bug that could let millions do their laundry for free

CSC ServiceWorks provides laundry machines to thousands of residential homes and universities, but the company ignored requests to fix a security bug.

3 days ago
Two Santa Cruz students uncover security bug that could let millions do their laundry for free

TechCrunch Disrupt 2024 is just around the corner, and the buzz is palpable. But what if we told you there’s a chance for you to not just attend, but also…

Harness the TechCrunch Effect: Host a Side Event at Disrupt 2024

Decks are all about telling a compelling story and Goodcarbon does a good job on that front. But there’s important information missing too.

Pitch Deck Teardown: Goodcarbon’s $5.5M seed deck

Slack is making it difficult for its customers if they want the company to stop using its data for model training.

Slack under attack over sneaky AI training policy

A Texas-based company that provides health insurance and benefit plans disclosed a data breach affecting almost 2.5 million people, some of whom had their Social Security number stolen. WebTPA said…

Healthcare company WebTPA discloses breach affecting 2.5 million people

Featured Article

Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Microsoft won’t be facing antitrust scrutiny in the U.K. over its recent investment into French AI startup Mistral AI.

3 days ago
Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Ember has partnered with HSBC in the U.K. so that the bank’s business customers can access Ember’s services from their online accounts.

Embedded finance is still trendy as accounting automation startup Ember partners with HSBC UK