Mobile Cash Collection: AppNinjas Launches Swipe
- AppNinjas is developing a new mobile cash collection app, called Swipe, for small and medium merchants (or about 10 million mobile workers in the US: landscapers, taxi drivers, etc.).
- In order to use this app, the user must also purchase a 79 dollars removable card reader compatible with iPhone3G/3GS, 4, iPod Touch and iPad. Readers for Android handsets will also be proposed as well as a universal reader.
- AppNinjas manages its customers’ merchant account and provides free technical and regulatory support. A 1.7% commisison is charged for each transaction (this rate is attractive compared to the average 2.7% fee debited by its rivals, including Square).
- This new cash collection solution has, once again, been crafted for magnetic stripe cards, like Square’s solution. It should be reminded that EMV is taking its first steps in the US and an increasing number of banks now propose smart cards (See Fraud Prevention).
- Solutions combining both technologies could find their way through this growing market and ensure durability as security regulatory evolutions are still expected to take place.
- Last month In Europe, Sweden-based iZettle, has launched a removable smart card reader for iPhone.
See June 2011 Observatory