Shine Adds a Mobile POS Device
FACTS
- Shine –challenger bank for self-employed workers– partners with SumUp on featuring a limited mPOS offer.
- Goals: Let Shine customers accept payments on-the-go using SumUp mPOS app.
- Targets: small structures, merchants, self-employed workers and craftsmen.
- Business Model: The 1st users will enjoy an exclusive €19 rate to purchase the mPOS, vs €39 in general. The FinTech will charge a 1.49% fee (instead of 1.75%) on each transaction, no maximum amount will apply.
- How it works
- Shine customers may order a payment terminal within minutes and receive it 3 to 5 days later.
- This terminal can be directly connected to their smartphone (for business management purposes).
- The mPOS is compatible with all payment cards, as well as with Apple Pay and Google Pay.
- The checkout and billing steps take less than 1 minute to complete.
- All payments are credited to the user’s Shine account.
CHALLENGES
- More than a bank for businesses. Beyond mere banking services, Shine intends to provide their customers with customised assistance. With their mobile app and mPOS offer, they claim they want to help their customers focus on their business.
- Targets on the rise. According to the Insee and McKinsey, 3 to 5 million self-employed workers in France have businesses accounting for most of their income. For SumUp, this partnership with Shine is an opportunity to reach out for even more targets. SumUp also announced a similar agreement with Holvi in 2016.
- Competitive market. PayPal’s acquisition of iZettle has been fuelling competition on the mPOS market. SumUp keeps announcing more initiatives to challenge industry leaders (including Square). A month ago, the UK-based FinTech bought out the multichannel e-commerce platform Shoplo, too.
MARKET PERSPECTIVE
- After one year in business, the French neo-bank claims more than 30,000 users. This partnership is in line with their intent to craft an all-encompassing ecosystem, meant to simplify independent corkers’ operations.
- The FinTech also wants to implement new services (such as a Web version, a premium offer, a cheque collection solution, etc.) and partnerships.
- In France, Shine faces competition from popular FinTechs such as Qonto, for instance, which claimed 25,000 corporate customers in December 2018.