iZettle, the European technology company, and EMEA announced Thursday (Jan. 19) the addition of UnionPay, one of the largest card networks in the world, to its range of accepted credit and debit cards.
In a press release, iZettle said its card reader, iZettle Reader, is one of the first to accept UnionPay in 10markets in Europe. With the partnership, millions of Chinese people visiting Europe can pay for goods and services using their UnionPay cards with iZettle merchants. The transaction fee for paying with UnionPay will be the same as for all other supported cards including American Express, Visa, MasterCard, V Pay, Electron, Diners Club, JCB and Maestro, iZettle said.
“This partnership will help the hundreds of thousands of business owners that use iZettle sell more by accepting more payment alternatives. Now, our merchants no longer need to turn away business from the millions of Chinese that visit Europe each year,” said Johan Bendz, chief marketing officer at iZettle.
Five years ago, Stockholm-based iZettle launched with the desire to help, starting with payments and data and a mobile point-of-sale (mPOS) solution geared to the offline microbusinesses that many at the time called “Europe’s Square.” Over the course of those five years, iZettle has expanded its offerings to also help small and micro merchants manage their offline businesses better and stay relevant in a constantly evolving retail and payments space. With a reported 1,000 new businesses being introduced to iZettle’s service every day and an annual processing volume of €3 billion, today the company is servicing both the very green and more mature merchants that are looking to attain the omnichannel vision.
“Four or five years ago everything [in the mPOS space] was centered around payments, providing acceptance and empowering SMBs,” iZettle cofounder and CEO Jacob de Geer explained.