After bringing its mobile card reader into Mexico two months ago in its first venture outside of Europe, iZettle has made its next move into Brazil.
Stockholm-based iZettle embarked on what it was calling its "world tour" in June shortly after securing a $6.6 million investment from Banco Santander, a Spanish retail and commercial bank. Banco Santander is the largest bank in the euro zone, based on market capitalization.
The mobile payments provider moves into these new markets with its EMV-capable iZettle Chip & Signature reader that allows merchants to accept payments through Apple and Android smartphones and tablets.
iZettle announced Aug. 27 that it will sell the card reader for $99, but will offer it for free to any merchant in Brazil who signs up for the software and card reader prior to Sept. 30.
"Brazil is the world's second largest card payment market, and the opportunity for iZettle to equip individuals and small businesses with card payment acceptance is immense," iZettle co-founder and chairman of Brazil market Magnus Nilsson states in a press release.
Nearly all companies in Brazil are small to mid-size or micro merchants, iZettle says. Its technology can "empower" these companies "with a cost-effective way to take payments other than cash, so they never have to miss out on a sale again," Nilsson says.
Because Banco Santander has the same attitude and interest in new payments technology, Nilsson predicts of the two companies, "Together, we will move mountains."
iZettle merchants pay 5.75% on each transaction, and iZettle charges no monthly fees.
In Brazil, iZettle says it is subject to the Brazilian regulatory requirements as they apply to payment facilitators, card networks and acquiring banks.