SumUp has launched what it says is the world’s first proprietary technology covering the entire mobile point-of-sale (MPOS) process. This includes the Chip & PIN card payment device itself, mobile apps for Android and iOS, a payment platform with certified processing technology for EMV (Europay, MasterCard and Visa), and a risk and anti-fraud solutions and operations systems.
Dubbed PIN+, the device has been developed by SumUp – which is based in London and Berlin – in just 18 months as the company makes its bid for market share in what is already a crowded space.
In a release, the company said that by creating PIN+ in-house, it can “achieve an unrivalled cost position” and can guarantee that it is “one of the most secure and intuitive Chip & PIN devices on the market today. SumUp will pass on savings to merchants by offering low transaction rates.”
The device is largely aimed at small and medium sized merchants who want to accept card payments but don’t want the expense of a traditional card payment system. Alongside Visa and MasterCard, it will also accept Maestro and VPAY, with a flat rate of 1.95 percent in the UK. Users will also be able to choose between carrying out transactions via Bluetooth Low Energy or a cable connection.
The PIN+ device costs £79 (about €97) and is initially being launched in Poland and Switzerland – its first activities in those countries, with a partnership with UBS in the latter – before being rolled out elsewhere in Europe, including in Germany.
Daniel Klein, CEO of SumUp, said: “No vendor could have supplied us with a Chip & PIN device to meet our strict criteria for reliability, design and security, along with a user experience that is so intuitive that even merchants who have never accepted card payments before can start selling immediately without having to read a manual. In short, PIN+ is the easiest and safest Chip & PIN device to use with a mobile phone or tablet.”
Patricia Bateson, senior business leader at MasterCard, said: “The launch of SumUp’s Chip & PIN device will help broaden and transform commerce opportunities for small merchants, allowing them to grow their business. SumUp’s new solution converts every device into a commerce device and illustrates the seamless transition from cash to card payments.”
There was a flurry of competitors emerging on the MPOS scene a couple of years ago in the form of SumUp, Payleven, Adyen, iZettle and, in the US, Stripe and I Love Velvet. Now the battle is on to establish brand pre-eminence and dominate the category.