SumUp, Europe's leading mPOS company, has today launched its mobile payments service in Brazil and opened an office in São Paulo. The company is now present in a total of 12 countries, including Germany, the UK and Russia.
SumUp will allow small businesses across Brazil to accept all major credit cards, including MasterCard, Visa, American Express and ELO, with their smartphones or tablets using the SumUp Chip & Signature Card Reader.
The card reader will be priced at R$79. There will be no monthly costs or subscription fees, SumUp will instead charge a fee per transaction, starting at 3.7% - one of the lowest fees in the Brazilian market. As a country specific service, merchants in Brazil will be able to choose to receive payouts after five business days or 30 calendar days.
Dr. Jan Deepen, co-founder of SumUp and Head of International Expansion, comments: "Entering the Brazilian market adds a brand new chapter to our growth story. Brazil is home to more than 22 million SMEs and micro-businesses and thousands of new ones are started every day. Providing them with a simple and affordable way of accepting card payments will dramatically affect how they can grow their business - whether they're city-based or in a remote rural area. The demand we experienced during our recently completed beta phase was tremendous: within one hour of going live, hundreds of merchants had signed up to accept payments via SumUp in Brazil."
Horst Muller, Vice President of Acceptance and Retail Relationships at MasterCard, Brazil and South America, adds: "We are pleased to see SumUp bringing its international expertise to the Brazilian market, where card acceptance has great potential for growth, especially among small businesses and individual entrepreneurs. MasterCard believes in a future where cash is less and less relevant on commercial transactions, and SumUp's arrival in Brazil is helping bring this vision closer."
Jose Vasquez-Mendez, Vice President, Latin America & Caribbean Merchant Services for American Express, says: "The launch of SumUp in Brazil will help to broaden and transform commerce opportunities for small merchants, allowing them to grow their business. SumUp's mobile payment solution brings convenience and ease to small merchants and illustrates the seamless transition from cash to credit card payments."
SumUp has also today launched a major update of its iOS and Android App. The completely redesigned apps will allow for an even faster payment flow.
The market entry in Brazil follows SumUp's recent announcement of a significant fee reduction in key European markets.