Jusp, the first provider of an all-in-one chip-and-pin Mobile Point-of-Sale (mPOS) solution for smartphones and tablets, today launched its product.
With a lower price and smaller transaction fee than other chip-and-pin mPOS products, the JUSP device is unique in that it is the only solution of its kind that connects directly into a smartphone or tablet audio jack. With JUSP, merchants have a device that is all one piece, easy to operate and works with the highly secure credit and debit cards in use in all countries except for the US.
The innovative new JUSP solution is expected to be widely used in Europe and other regions where the chip-and-pin mPOS market is rapidly expanding. Given the technical superiority of the JUSP product, the company is also well positioned to enter the U.S. market in 2015, when chip-and-pin solutions have been mandated by large credit card companies.
The JUSP reader makes it faster and more convenient for merchants to make payment transactions over their mobile devices anywhere by plugging the device directly into their iPhone or Android smartphone or tablet audio jacks, with no Bluetooth pairing required. Transactions happen in seconds once merchants use the free JUSP app, insert the customer's card in the chip reader, and let customers enter their PIN code. JUSP then connects directly to the bank systems to complete the transaction using 2G, 3G, 4G or Wi-Fi networks.
Advantages over Other Chip-and-Pin mPOS Solutions
• One simple solution handles all transactions: JUSP's all-in-one chip-and-pin solution handles transactions using a mPOS, which can be attached to smartphones and tablets. Other chip-and-pin alternatives need a Bluetooth pairing, which requires handling two separate devices.
• Total ownership of the solution: JUSP creates and builds the complete solution – from software to hardware to the payment gateway, allowing the company to deliver innovative and personalized solutions to all size of merchants and partners.
• Cheapest solution: At €39 ($49 ,£39) per unit, JUSP ;39) pUSP ;39) per unit, JUSP is the lowest-priced mPOS chip and pin reader on the market today, making it attractive to all merchants, particularly small, independent merchants. The cost per transaction for the merchant is also the lowest in the market at 2.5%.
• Versatile credit card options, high security and interoperability: JUSP accepts all major credit and debit cards and will soon be EMV certified, ensuring high security and global interoperability of chip-based payment cards.
• Works for businesses of all sizes: The simple solution is perfect for any business ranging from the smallest micro-merchants to large corporate clients. JUSP is also available as a white-label solution for other payment service providers and banks.
Patent-Pending Technology Makes Solution Easy and Fast for Merchants to Use
Using a patent-pending algorithm that speeds up the connection, the JUSP device utilizes the audio jack to connect the reader to any mobile device, making payment transactions quick, seamless and hassle free. All other chip-and-pin alternatives in the crowded mPOS market today need a Bluetooth pairing, which requires using and integrating separate devices, making mobile sales cumbersome and inconvenient.
"JUSP gives merchants and their mobile customers the best user experience on the market today by making credit and debit card transactions convenient, secure and faster," said Stefano Calderano, CEO, JUSP. "With a couple of taps, the transaction process is complete within seconds. Plus, the solution meets all global circuits and banking requirements. We are excited to bring this innovative mPOS device to Europe and then on to other markets around the world. "
Industry Experts Agree JUSP Is Innovative by Naming JUSP as Finalist for Bully Awards
Beating out many start up competitors, JUSP has already been named a finalist in the 2013 Bully Awards, which honors Europe's leading startup companies for their demonstrated excellence in innovation and growth potential. Last March, JUSP was also granted the Florin Award for innovation in Payments from the European Payments Consultants Association (EPCA).
Global Rollout Makes JUSP Solution Available in New Markets
The reader is available in Europe now and will be ready for use in the U.S., where, by 2015, chip-and-pin card technology is expected to be the new credit and debit card standard. To handle the rapid business development of JUSP, the company has opened a business development office in Singapore. The office is headed up by Michele Tucci, a former executive at Mastercard, Capital One Bank and IntesaSanPaolo Bank.