With the Lite, iZettle raises the stakes on the European payments market
iZettle, a European provider of mobile payment services, has introduced the iZettle Card Reader Lite, the world’s first free-of-charge Chip & PIN reader. The Lite connects to tablets and smartphones via cable, and removes all start up costs for business that seek to accept card payments for their products and services. Unlike many other card payment options, iZettle’s business model continues to offer full cost transparency and no hidden fees.
The new card reader is available to businesses in the UK, Sweden, Norway, Denmark, Finland, Spain, Germany and the Netherlands.
Alongside the Lite, iZettle will continue to offer its Card Reader Pro, which comes with a built-in display and connects to tablets and smartphones wirelessly.
“This is one of the boldest moves we have ever made,” said Jacob de Geer, iZettle’s co-founder and CEO. “Four years ago we upended the market with the world’s first mini chip card reader. We’re now embarking on the next step in our journey.”
An overwhelming majority of consumers prefer cards to cash, and the value of payments made with cards in Europe was 40% higher in 2013 compared with 2009. Visa Europe recently predicted that in the UK 95% of payments will be made with cards within ten years. Yet still, some 20 million European small businesses do not take card payments or have access to other decent payment tools.
“The Lite is a first of its kind. Not only will it tear down the barriers small merchants face when setting up their businesses, it also raises the stakes for Europe’s payments industry,” added de Geer.
iZettle more than doubled its transaction volumes in 2014, and is now running at a total annual transaction rate of $2 billion with continued strong growth in all markets.