iZettle goes to Germany with DZ BANK and Deutsche Telekom

October 30, 2012

STOCKHOLM & BERLIN – October 30, 2012: iZettle, the popular app and mini chip-card reader from Sweden that’s been turning smartphones and tablets into mobile credit card terminals throughout the Nordics and the U.K. since 2011, has partnered with DZ BANK and Deutsche Telekom to launch its payments service in Germany.

Today, iZettle is used by more than 75,000 small businesses and individuals in five countries. Unlike European clones or Square in the U.S., which only accept less secure magnetic stripe cards, iZettle’s app and mini card reader let’s anyone take chip-based credit or debit card payments anytime, anywhere.

“We’re quickly becoming a cashless society, but for many small businesses and individual service providers like plumbers, housekeepers, or vendors at the local farmer’s market, traditional point of sale card readers are just too expensive. For them, iZettle means never having to miss a sale again and an end to time consuming invoicing and billing.” said Jacob de Geer, iZettle CEO and co-founder. And added: “Strategically, Germany is one of our core markets, and we are committed to serving everyone from individuals to small businesses here long term. Our ambition is to become the undisputed market leader in Germany and given the partnerships with DZ BANK and Deutsche Telekom we believe we are very well positioned.”

“The cooperation with iZettle is a further step for Deutsche Telekom to strengthen the relevance of mobile payments in Germany and to position itself as a relevant player in the payment market. iZettle offers an innovative and secure product which perfectly fits to our brand and supports Deutsche Telekom’s holistic mobile payment offering which the customers can trust in. We are very happy to work together with iZettle and to further develop the German market”, said Thomas Kiessling, Chief Products and Innovation Officer Deutsche Telekom.

Added Gregor Roth, global head of payments of DZ BANK: “Payments is core banking business - and security of payment solutions is extremely important to DZ BANK. Our services are focused particularly on the need expressed by local cooperative bank customers for a significant level of security, underpinning the fundamental cooperative principle of a reliable and trust-based partnership with customers. With this cooperation we seek to offer customers of the Volksbanken Raiffeisenbanken cooperative financial network another innovative building block of our mobile payment portfolio that will be further developed with the contribution of our local cooperative banks’ expertise.”

To get started with iZettle’s you download the app from App Store and sign up at http://www.izettle.de . Starting today iZettle is making 25,000 chip-card readers for iPhone or iPad available free of charge during launch. “We want to help small entrepreneurs not to miss a single sale in the upcoming Christmas business”, comments Andreas Barthelmess, Managing Director iZettle Germany.

Equens, a joint venture of DZ BANK with other major European banks, will process iZettle payments in Germany. Starting in November, the iZettle solution will be available at selected Volksbanken Raiffeisenbanken. Deutsche Telekom – Europe’s largest carrier – will distribute the iZettle chip-card reader in the Telekom shops across the country.

iZettle is EMV (Europay, MasterCard and Visa) approved, and compliant with the Payment Card Industry Data Security Standard (PCI-DSS). No sensitive data is ever stored on the mobile device or iZettle reader, and all data traffic is encrypted.

With iZettle there is no lengthy sign up processes, no monthly fee or minimum transaction volumes. Instead, iZettle merchants are charged 2.75% of payments made. iZettle then electronically deposits payments in the merchant’s bank account.