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.