iZettle has added chip and PIN functionality to its mobile payments reader.

The £49 chip and PIN reader connects wirelessly to smartphones or tablets via Bluetooth.

It works with iZettle’s free app, allowing merchants to use smartphones and tablets to accept card payments and manage their business.

Jacob de Geer, co-founder and chief executive of Stockholm-headquartered iZettle, said the company’s vision is to simplify and democratise payments.

He added: "After seeing a great demand and take up on our Chip & Signature solution, adding a Chip & PIN reader to our product offering enables us to extend our target group of individuals and micro merchants to include businesses with higher transaction volumes."

The chip and PIN device is available immediately in the UK, Germany, Spain, Sweden, Norway and Finland. iZettle’s app and card readers work with major credit cards, including Visa, MasterCard and American Express.

Last year Visa Europe claimed that iZettle did not meet its standards for acceptance devices, preventing the company from processing Visa transactions.

In a separate move, iZettle has partnered with Banco Santander, making the technology available to Spain’s self employed professionals and micro merchants.

This initiative falls within Santander’s Innova programme, which aims to lead innovation in payments.

Franciso Fernández Cué, head of payments at Banco Santander, said: "In Spain alone there are more than one million self employed, professionals, and micro-companies that, due to the mobile nature of their business, need an option that is more flexible than conventional card terminals."

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