Swedish start up iZettle has launched a mobile payment app for the iPad, iPhone and iPod touch app. The system, which turns mobiles into card payment terminals, is similar to that of US venture Square, headed up by Twitter founder Jack Dorsey.
“Cash is a hassle,” says Jacob de Geer, iZettle CEO and co-founder. “Whether you’re a merchant with a storefront, a plumber working in someone’s home, selling produce at the farmers market or settling the bar bill between friends, iZettle makes payments convenient from your iPad, iPhone or iPod touch.”
Merchants are not required to pay a monthly fee. Instead for each transaction they are charged 2.75 per cent of the sale plus 1.50 SEK. The system can be used with or without an iZettle card reader accessory, although using the reader is recommended for large and frequent transactions. During the introduction phase, 2,000 card readers are being made available free of charge.
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