German mobile payment provider Payleven has announced the launch of new NFC card readers to the UK and European market, aiming specifically at small and medium-sized businesses.
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The new device combines mobile Chip and PIN technology for debit and credit card payments with NFC, allowing Payleven customers to accept contactless payments wherever they are, by entering a PIN via the Payleven mobile app.
According to the UK Cards Association, the country counts over 35.9m contactless cards in circulation and 8.5m transactions are made this way each month.
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By GlobalDataThe reader will be offered for a lower price than other NFC devices currently available. Thus Payleven hopes to make contactless payments technology options more flexible and accessible for smaller businesses.
"NFC definitely has the potential to become the market standard for contactless payments. However, until now the hurdle for SMEs has been the huge cost associated with it," said Alston Zecha, Payleven’s founder and COO.
Last year, Payleven became the first company to bring Chip and PIN readers to Europe, allowing customers to accept card payments on the go.
The new Chip and PIN card readers should be available later this year.
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