Mobile payment service iZettle, is taking its first steps outside of the European market, making its services available to merchants and individuals in Mexico. The expansion comes as a result of the startups partnership with international banking giant Banco Santander and the company says that it intends its Mexico operation to act as a springboard into other markets in the Americas. Former Visa MD, Luis Arceo, will take charge of the Mexican operation.
Often referred to as the Square of Europe, iZettle enables small businesses or individuals to accept card payments from their smartphones or tablets through a card reader attachment and free android and iOS apps. The company does not charge set up fees or require a minimum transaction, instead taking a 2.75% flat cut oneach transaction. The startup is also launching a mini Chip & magnetic stripe card reader for both Apple and Android devices that will enable users to accept both kinds of card payments. iZettle has recently started to pull ahead of rival payment services in the European market, such as SumUp and mPowa, now claiming more than 100,000 users across UK, Spain, Germany, Sweden, Denmark, Norway and Finland. However, US titan in the space Square, which claims 250,000 users and its own point of sale system, may pose competition in future should the two expand into the same region.
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