iZettle, Europe’s primary mobile payment device company, launched on Tuesday in Mexico. Much like its US competitor, Square, iZettle allows businesses to accept payments anywhere on mobile devices. In addition to its main product, iZettle is also launching a product that accepts cards with a built in chip as well as those with a magnetic stripe. iZettle is headquartered in Stockholm and recently received financial backing from one of Spain’s largest banks, Santander. So far, the company has launched in Sweden, Norway, Denmark, Finland, UK, Germany, Spain and Mexico.
The market entry of companies like iZettle into Mexico is very promising, as many companies have had a hard time getting past cash only due to stringent requirements by banks for merchant accounts. As smartphone adoption rates are skyrocketing in Mexico and phones become more accessible, mobile payments will surely become more commonplace.