03 October, 2012 — 11:35
Payleven launches chip and PIN-based Square clone
Payleven has become the latest Square-clone to launch in Europe, distinguishing itself from a plethora of rivals by claiming to be the first offering chip and PIN authentication.
The payleven system combines an iOS or Android app with a chip and PIN dongle that links to a phone or tablet via Bluetooth, enabling merchants to accept card payments.
The start-up claims that by offering a chip and PIN, rather than card swipe, dongle, it is the first on the European continent to «fulfil the high technical and security standards required for a fully-functional mobile point of sale».
Merchants in the UK, Germany, Italy, the Netherlands, Poland and Brazil can start registering for the device later this month. Users will be charged a transaction fee of 2.95% plus the equivalent of seven pence.
The insistence on chip and PIN in Europe by card firms like Visa has caused headaches for some app and dongle outfits. In July Swedish start-up iZettle was forced to stop processing Visa transactions in Denmark, Finland and Norway while last week mPowa began asking merchants not to use its swipe device and to wait for a new chip and PIN version.
Alexander Zumdieck, CEO, payleven, says: «Since the foundation of payleven, we have focused our efforts on developing a Chip & PIN solution. Visa only allows Chip & PIN authorisations for European mobile POS solutions. With Chip & PIN, payleven now offers a comprehensive solution for all cards and is therefore leading the European market.»