With iZettle there is no set up fee or monthly fee or minimum payment. Instead, each transaction using iZettle is charged 2.75 percent of the sale plus €0.15 ($0.25). Following the transactions, iZettle electronically deposits payments in the seller’s bank account the next business day.
“iZettle brings us all one step closer to a world beyond cash,” said MasterCard executive Mats Taraldsson, who heads market development for the Nordic and Baltic region. “Chip cards are the standard today in most of the world. In just six months iZettle has proven there’s real need and demand for a mobile chip card payment solution that is safe, simple and smart”.
iZettle is the first service of its kind to be Europay, MasterCard and VISA (EMV) approved, and compliant with the Payment Card Industry Data Security Standard (PCI-DSS). No sensitive data is ever stored on the mobile device or iZettle reader, and all data traffic is encrypted.
“Since we introduced our app and the world’s first mini chip card reader last summer, iZettle has attracted 25,000 active users and has grown the point of sale market in Sweden by roughly 15 percent,” said Jacob de Geer, iZettle CEO and co-founder. “We estimate there are at least 20 million small businesses across Europe, not to mention all the individuals that could benefit from the iZettle service. The Nordics are just the first step of our global expansion scheduled for 2012.”
