SumUp: Mobile Payments Will Become Mainstream In 2013
SumUp is a mobile POS service which allows small businesses to take card payments by using their phone. The company offers free card readers in exchange for 2.75% transaction fee. Merchants are also provided with an app, which allows them to take payments but also to function as a normal cash register, with products, prices, and transaction history.
SumUp has only come into the market a few months ago but has already expanded to seven European countries, so we spoke to Petter Made, Co-Founder and COO to discuss the impressive evolution of the company since its birth. “You obviously have a number of companies who are competing in the market space over in the US whereas Europe hasn’t really seen a lot of competition until the last six months…so really what you’re seeing is a land-grabbing game for all the European competitors,” he explains.
The land-grabbing game has obviously been successful for SumUp, already present in seven countries and planning further expansion across Europe. In a world of almost weekly launches SumUp blames its success on a deep knowledge of the European market, especially the regulatory space.
Speaking about the particularities of the European market and what it takes to succeed there, Made highlighted the differences between the different European countries, which are sometimes overlooked by the “big guys”. “Europe is not one homogenous market, it’s a very fragmented market where every country has its own culture around accepting and paying”, he said. And added that, “That’s where SumUp being a European company with a wide diversity of different European countries represented, I think does very well in addressing and understanding the specific needs of each of these markets.”
To hear more of Made’s take on the European market, SumUp plans for 2013 and the future of payments in Europe, listen to the podcast below.
Petter Made, Co-Founder & COO, SumUp
Petter Made is a co-founder of SumUp, the easiest way for sole traders and small businesses to accept debit and credit card payments securely, even on-the-go. The company was founded in 2011 and currently has over 100 employees with major offices in Berlin, Dublin and London; SumUp has been available in Germany, the UK, Ireland and Austria since August 2012.
Petter has over 10 years of experience in the online payments field with companies including Netgiro Systems AB, later acquired by Digital River Inc. He studied at the Stockholm School of Economics and the Stockholm School of Business where he holds a Bachelors Degree in Business Administration.