13 December 2017
visit http://response.ncr.com

Latest Square clone launches in Europe

24 August 2012  |  9928 views  |  0 Fingers on smartphone keypad

SumUp, the latest start-up providing technology that turns mobile phones into card payment terminals has launched in the UK, Germany, Ireland and Austria after securing more than $20 million in funding.

According to TechCrunch, the series a round was joined by b-to-v Partners, Shortcut Ventures, Tengelmann Ventures and Klaus Hommels. Previously, the company was funded by its founders, including CEO Daniel Klein, who previously helped establish MoneyBookers.

SumUp offers merchants the same set up as Square, PayPal Here, Verifone, iZettle and mPowa - a free dongle and Android or iOS app, that enable users to accept card payments through their smartphones and tablets.

Having run a four-month closed beta in the four countries, it is now opening up in the UK, Germany, Ireland and Austria, taking a 2.75% cut of transactions made with Visa and MasterCard cards.

The system is PCI-DSS certified, with MasterCard payments authenticated by customers signing the phone screen. Visa customers get sent a text message with a secure link, which they have to access on their devices to manually enter their full card numbers.

According to TechCrunch, this convoluted process is to avoid the problems that hit iZettle recently, which was forced to stop accepting Visa in Denmark, Finland and Norway.

KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Square payments hit by outage

Square payments hit by outage

22 August 2012  |  7816 views  |  0 comments
Mobile innovators Square and Starbucks team up

Mobile innovators Square and Starbucks team up

08 August 2012  |  8965 views  |  1 comments
Square to close $200m funding round

Square to close $200m funding round

25 July 2012  |  6659 views  |  3 comments
Square sets lawyers on mPowa over Web site pic

Square sets lawyers on mPowa over Web site pic

12 July 2012  |  6892 views  |  1 comments
European equivalent of Square, iZettle, commences UK beta trials

European equivalent of Square, iZettle, commences UK beta trials

16 May 2012  |  9338 views  |  4 comments
VeriFone revamps card reader to take on Square

VeriFone revamps card reader to take on Square

08 May 2012  |  6686 views  |  0 comments
Square poaches from PayPal as it bids for international expansion

Square poaches from PayPal as it bids for international expansion

21 March 2012  |  7790 views  |  0 comments
PayPal launches Square rival

PayPal launches Square rival

16 March 2012  |  12240 views  |  4 comments
Square bids to take over the point-of-sale

Square bids to take over the point-of-sale

05 March 2012  |  10717 views  |  2 comments
MPowa launches UK's Square

MPowa launches UK's Square

23 January 2012  |  21594 views  |  11 comments
Sweden's Square hits App store

Sweden's Square hits App store

19 August 2011  |  15443 views  |  4 comments
Twitter founder Dorsey launches mobile phone credit card reader

Twitter founder Dorsey launches mobile phone credit card reader

02 December 2009  |  19213 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.atos.netvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12170 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9361 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7987 views comments | 17 tweets | 36 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7353 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7221 views comments | 20 tweets | 11 linkedin

Featured job

Find your next job