European point-of-sale ('mPOS') company SumUp wants to build an end-to-end mobile payment system without reliance on third parties. Today, it's launching a proprietary 'Chip & PIN' mobile card reader and terminal system to make good on its plans.
The device, called PIN+, is available in Poland and Switzerland (in partnership with UBS) as of today, before a future roll-out across Europe in countries including the UK, Germany, Italy and Spain (in the following weeks). The price for the device will be £79 / €79.
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SumUp says it built PIN+ in-house in less than 18 months after "being unable to find an existing mPOS Chip & PIN device that met the company’s strict requirements for small and medium sized merchants".
PIN+ will accept all major debit and credit cards, including Visa, VPAY, MasterCard and Maestro and is compatible with iOS and major Android devices.
Transactions will continue to be charged at 1.95% in the UK with no monthly or per transaction fees.
At the same time, SumUp has confirmed that it is shutting down its Dublin office, which will result in the loss of 30 jobs.
The launch of PIN+ across Europe is a big milestone for SumUp. Our mission was nothing less than to create the one Chip & PIN device that will empower the world to accept card payments. > No vendor could have supplied us with a Chip & PIN device to meet our strict criteria for reliability, design and security, along with a user experience that is so intuitive that even merchants who have never accepted card payments before can start selling immediately without having to read a manual.
> In short, PIN+ is the easiest and safest Chip & PIN device to use with a mobile phone or tablet.
SumUp PIN+ is precisely the type of innovation that is needed to bring secure Chip & PIN mPOS technology to the wider public. > > > A device of this kind, specifically tailored to meet the needs of small and medium\-sized businesses will enable the convenience of card payments anywhere and we therefore applaud SumUp’s initiative.