The market for mobile point of service (mPOS) hardware continues to be an active market in Europe. Helping the sector is strong growth of the issuance of contactless payment bank cards and mobile wallets which require merchants to upgrade the POS terminals to handle these forms of payments. In addition, unlike wired POS terminals which require an internet connection, mobile versions provide merchants with more flexibility in the placement of the hardware as well as making it easier to scale up purchase points during busy periods.
The prospects of further mPOS growth in Europe has led to several startups achieving notable funding deals and bank partnerships. Among them include SumUp and iZettle, both having closed multi-million investment rounds this year to help them grow distribution of the mPOS hardware and develop future products. In addition, US-based Square, which successfully went public last month and sports a near $4 billion valuation, has stated its plan to further expand internationally with Europe expected to be included in its road map.
Furthering its mPOS plans in Europe, payleven announced today the launch of payleven plus, its mobile NFC capable chip and pin reader with Apple Pay support. The product is being made available to merchants in the UK, Netherlands and France, with more countries expected to be added in the near future.
We see a significant rise in contactless payments
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According to payleven, demand for NFC-based card readers is growing with the increase of contactless cards in circulation among consumers. According to its data, within the UK there are 58 million bank cards that are equipped to handle contactless payments.
Commenting on the product launch and consumer demand for the new payment technology, Konstantin Wolff, Managing Director and Co-Founder of payleven stated, “We see a significant rise in contactless payments and ultimately an increasing demand for a cost-efficient card reader for European business owners. Contactless payment technology opens the market further by making non-cash payments more relevant for segments with high frequency, low ticket transactions, like bakeries.”
We simplify the daily business of our clients
Explaining further to Finance Magnates, Wolff cited costs, operational benefits and product features as an attraction of mPOS devices for merchants. Operationally, Wolff described that wired terminals can take 6-8 weeks to complete the onboarding process while it’s only a few days with its digital onboarding. He added that costs are also lower with an mPOS as “traditional card terminals come with cumbersome long-term fees.”
In terms of its own solution, Wolff explained that its mobile readers include additional software such as tracking sales in real-time and sending receipts by email to customers. Overall, as competition among mPOS providers is increasing, payleven believes that these added features and simplicity of the system distinguish its product as Wolff stated, “We simplify the daily business of our clients and want to provide them with a product that ultimately helps to increase revenues.”