Intuit has unveiled its application and chip and PIN compatible accessory that can transform a mobile phone into a card payment device. The chip and PIN compatibility gives it a slight edge over rivals like PayPal Here which will not be rolling out this functionality in the UK until the summer and Square which is still largely US-focused. It is still a very crowded marketplace, however, with mPowa, iZettle, PayLeven and European players all battling for traction in this evolving marketplace.
The Intuit Pay app is free to download, but readers and 2.75% fee per transaction will of course attract revenue, although as with all these devices it is less than traditional card scheme fees. Intuit Pay operates as an Apple iOS mobile app at the moment, with an associated chip and PIN card reader that can handle Visa or MasterCard payments in store or online.
Commenting on the launch, Terry Hicks, vice president of products in the global business division at Intuit, said: "Intuit Pay solves an important problem for the millions of small businesses and trade people in the UK who don't currently accept card payments, and so miss out on sales or prompt payment as a result."