mPOS iZettle is now available in Germany following a partnership between iZettle, German bank DZ BANK and mobile operator Deutsche Telekom.
iZettle is a mobile card reader that allows merchants to process card payments with their smartphones. Unlike its US equivalent Square, iZettle reads cards’ chips, rather than magnetic stripe.
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Germany is the latest European market reached by the Swedish startup iZettle after launching its mobile card reader in Sweden, Denmark, Finland and Norway, and testing it in the UK since May 2012. The company claims that 75,000 small businesses and individuals currently use the device.
Thomas Kiessling, chief products and innovation officer at Deutsche Telekom, said: "The cooperation with iZettle is a further step for Deutsche Telekom to strengthen the relevance of mobile payments in Germany and to position itself as a relevant player in the payment market."
iZettle can process MasterCard, American Express and Diners Club debit or credit cards. In July 2012, Visa Europe denied iZettle to process its cards saying that iZettle does not fully comply with Visa’s security standards, as it works with chip-and-signature, rather than chip-and-pin.
iZettle secured the support of other main card networks both in terms of acceptance and in investments. In June 2012, the company collected USD31.4m in a funding round which had MasterCard among the main investors. In October 2012, iZettle announced that American Express had also joined the funding round.
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