Competition is heating up in the crowded mobile payments market in Europe – which is why MasterCard’s release today of what it considers top providers is so important.
The major payment company has announced a list of mobile payment services that “meet industry standards and MasterCard best practices for mobile POS”. iZettle is one of the 19 providers on the list.
Notably left out is Rocket Internet portfolio company Payleven along with SumUp, another Berlin-based mobile payments solution. Both Payleven and SumUp do in fact accept MasterCard payments but are yet to complete MasterCard’s registration and self-certification process.
Interestingly, iZettle has previously received investment from MasterCard. Square, which dominates the US market, was also approved by MasterCard.
Those who didn’t make it onto MasterCard’s list are invited to “register and self-certify their solution against MasterCard’s best practices”. For a full list of approved providers, check out the release.
Explaining the company’s interest in mobile payments, MasterCard’s Mobile Group Executive Worldwide Mung Ki Woo said: “There are millions of mobile POS solutions in-market today. That’s millions of merchants who have spoken loud and clear about the benefits of moving from cash to electronic payments.”
The mobile payments industry is heating up globally, and seems to be rather overcrowded in Europe, a market Square has not yet expanded to. In the struggle to gain an edge over competitors, providers are racing to bring out new features and set up partnerships – just last week, SumUp announced a deal with American Express to provide support for the credit card, to begin in Q2.
Which European services will survive when Square does finally make the hop over the Atlantic is up for debate. For now, no single service has a clear lead over the others.
Image credit: Square: flickr user Shardayyy
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Infographic: The mobile POS battle heats up – who will win it in Europe?