It has been only two months since iZettle entered Mexico and it seems that our speculations about possible rapid expansion through the Banco Santander partnership might not be far from the truth as they have just announced that they are now in Brazil.
At first glance, this news might seem a little blunt, but we really do need to look at the global picture. For instance, you might be surprised to find out that Brazil is the worlds second biggest card payment market, second only to US. Moreover, as Magnus Nilsson, iZettle's Co-founder and Chairman of iZettle Brazil, told us: "99.7% of companies in Brazil are SMEs and micro merchants and [they] want to empower them with a cost-effective way to take payments other than cash, so they never have to miss out on a sale again. From sole traders in remote towns, to micro merchants in major cities, this is the start of a big change for Brazil."
iZettle Takes A Further Step Into The POS Market: Supports Cash Drawers, Printers, Introduces New Software
If you have been following the developments in the mobile payments scene, you would notice that the competition is fierce. For instance, just recently iZettle and Payleven launched a new Chip & PIN device that will support all major credit and debit cards. However with extremely similar services, offerings and prices, these companies need to find ways of differentiating themselves.
Today, iZettle announced that they will now support Star Micronics’ range of MFI certified desktop and mobile printers. This allows their users to connect wirelessly to cash drawers and printers. Which in turn makes iZettle into an almost complete POS solution for small to medium enterprises. For those of you that do not analyze POS and printer manufacturers on the daily basis, Star Micronics is well known for being the supplier of choice for Apple stores worldwide.
Earlier this week iZettle sent out e-mails to their users in Denmark, Finland and Norway that Visa Europe has cancelled their contract in those countries. Since then iZettle has been working on restoring the status of that contract so that it could continue to accept payments with Visa cards in those countries. The story has multiple weird twists, such as why hasn't Visa Europe cancelled the contract in Sweden which is iZettle's home market?
On Monday's blog post iZettle has not commented on the specifics of the agreement and why Visa Europe decided to cancel it. Since then we have learned that it has to do with Visa Europe's policies regarding security standards. Then again, this is where the story gets harder to understand.