iZettle previously charged a flat 0.15 EUR transaction fee on each sale in addition to 2.75% of MasterCard, Visa or Diners Club card payments, or 3.75% of American Express payments. iZettle is now eliminating the fixed transaction fee across all markets; Sweden, Norway, Denmark and Finland.

"iZettle was created to democratise payments - empower small business, service providers and individuals by taking the confusion and cost out of credit and debit chip-card processing," said Jacob de Geer, iZettle CEO and co-founder. "This is another step towards making card payments accessible and affordable for everyone, no matter the size of your business or your average transaction."

iZettle lets anyone take credit or debit card payments anytime, anywhere. It's simple to set up and use, and makes it easy to share purchases with Facebook friends. Unlike costly traditional point of sale card readers, with iZettle there is no set up fee, monthly fee or minimum.

iZettle is EMV (Europay, MasterCard and Visa) approved, and compliant with the Payment Card Industry Data Security Standard (PCI-DSS). No sensitive data is ever stored on the mobile device or iZettle reader, and all data traffic is encrypted.

With more than 50,000 users today, iZettle has increased the number of point of sale (POS) card acceptance terminals in the Nordics by 10 percent since it began operation in Sweden last August, and expanded to Denmark, Finland and Norway earlier this year.

Today, there are 20 million small businesses in Europe that only accept cash or invoices, according to Eurostat, the statistical office of the European Union.