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July 30, 2012 05:41 pm GMT
A bit of a setback today for mobile payments and specificallyiZettle -- the startup modelled as a kind of "European Square" for merchants to take card payments on their phones. The company today had to shut off accepting Visa cards in three of the markets where it has been running pilots -- Denmark, Finland and Norway -- over what appears to be a problem with how it authenticated users on its platform, using an electronic signature instead of a PIN. The problem came to light when users started to receive emails from iZettle with the news (we have one from a reader below) and comes at a time when competition is heating up among point-of-sale mobile payments players, with mPowa, who you might better know asSquare's hand nemesis, now extending its payment services to Android; and Square reportedly getting a $200 million investment on a $3.2 billion valuation.iZettle's CEO Jakob de Geer describes the need to shut down Visa acceptance as "disappointing", "annoying," and "puzzling," but also notes that he thinks it's just a short-term problem: "Im pretty confident that well find a way forward," he told TechCrunch. "You have to regroup and adapt; thats part of the game part of being in a disruptive space." For its part, a Visa Europe spokesperson tells TechCrunch that the problem arose over Visa's "standard acceptance device requirements:":
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/BWgW5m5OGA4/
Visa Europe, Not Squares Investor Visa Inc, Puts Brakes On iZettle As mPowa Expands To Android
A bit of a setback today for mobile payments and specificallyiZettle -- the startup modelled as a kind of "European Square" for merchants to take card payments on their phones. The company today had to shut off accepting Visa cards in three of the markets where it has been running pilots -- Denmark, Finland and Norway -- over what appears to be a problem with how it authenticated users on its platform, using an electronic signature instead of a PIN. The problem came to light when users started to receive emails from iZettle with the news (we have one from a reader below) and comes at a time when competition is heating up among point-of-sale mobile payments players, with mPowa, who you might better know asSquare's hand nemesis, now extending its payment services to Android; and Square reportedly getting a $200 million investment on a $3.2 billion valuation.iZettle's CEO Jakob de Geer describes the need to shut down Visa acceptance as "disappointing", "annoying," and "puzzling," but also notes that he thinks it's just a short-term problem: "Im pretty confident that well find a way forward," he told TechCrunch. "You have to regroup and adapt; thats part of the game part of being in a disruptive space." For its part, a Visa Europe spokesperson tells TechCrunch that the problem arose over Visa's "standard acceptance device requirements:":Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/BWgW5m5OGA4/
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