Available to merchants across the UK, the Card Reader Lite hardware works by connecting to tablets and smartphones via a cable, allowing entrepreneurs to take payments instantly. The device will charge a fee of 1.5 per cent – 2.75 per cent for each transaction made through it.
This aggressive decision is said to to be one of the “boldest moves” the company has ever made, iZettle hopes that the launch will cement its position as the market leader in Europe.
It intends for the device to target the estimated 20 million European small firms that either don’t yet take card payments or don’t have access to payment tools, and builds on recent predictions from Visa Europe that, in the UK, 95% of payments will be made with cards within 10 years.
Discussing the launch and what it means for the payments market, iZettle co-founder and CEO, Jacob de Geer, commented: “The Lite is a first of its kind. Not only will it tear down the barriers small merchants face when setting up their businesses.
“Four years ago we upended the market with the world’s first mini chip card reader. We’re now embarking on the next step in our journey.”