An article by BEN ROONEY in Wall Street Journal
A device that allows anyone with a mobile phone to receive payments from chip-enabled credit or debit cards is to launch in Sweden next month.
The idea, says Jacob de Geer, CEO and co-founder of iZettle, is to empower not only the 20 million small businesses across Europe that accept only cash payments, but to allow anyone with an iPhone to receive payments. Currently smart card readers cost from €200 ($285) and up. IZettle plans to give away its software and reader, and take a transaction cut.The smart card reader plugs into the iPhone’s port. Using the device is similar to using any card device except rather than use a PIN to authorize payment, the customer signs the screen. IZettle wanted to use a PIN, but “PIN is still not allowed in cellphones and iPads,” said Mr. de Geer.
Read this full article to know what is the future plans of IZettle and on the security side of this app.