London-based mobile payments company SumUp has launched its service in Latin America with an office in São Paulo.
The mobile point-of-sale (mPOS) company is now present in a total of 12 countries, including Germany and Russia.
SumUp will allow small businesses across Brazil to accept all major credit cards, including MasterCard, Visa, American Express and ELO, with their smartphones or tablets using the SumUp Chip & Signature Card Reader.
On arrival SumUp will face competition from iZettle, which launched in Brazil in August.
The Stockholm-based startup already operates across much of Europe and recently announced a €5m partnership with Santander to distribute the devices in the UK.
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SumUp’s physical card reader will be priced at R$79, and instead of subscription fees users will pay a fee per transaction, starting at 3.7% – one of the lowest fees in the Brazilian market.
Co-founder Dr. Jan Deepen said: “Brazil is home to more than 22 million SMEs and micro-businesses and thousands of new ones are started every day.
“Providing them with a simple and affordable way of accepting card payments will dramatically affect how they can grow their business – whether they’re city-based or in a remote rural area.