Sweden's homeless to accept cashless payments

Swedish company iZettle has revealed its cooperation with Situation Sthlm, a street newspaper sold by the homeless, allowing sellers to process debit and credit transactions.

Swedish company iZettle has revealed its cooperation with Situation Sthlm, a street newspaper sold by the homeless, allowing sellers to process debit and credit transactions.

The payment system provided by iZettle consists of a small unit that connects with a smartphone and enables it to accept card payments by allowing the vendor to swipe the customer’s card and take a signature or pin on-screen.

Five vendors were initially equipped with the technology, including a smartphone and an iZettle card-reader, for the duration a month-long trial.

Jacob de Geer, chief executive officer of iZettle, said the technology incorporated the company’s response to Sweden’s increasingly "cashless society", and the fact that the under-40s rarely carry cash.

"The banks have done a great job with the card infrastructure so that it is so robust, secure and trusted that people don’t really mind where they use their cards these days with the chip," de Geer said.

Describing itself as a ‘social payments company’, iZettle launched its first service in Sweden in 2011, and has since become available to small businesses and individuals in the UK, Norway, Denmark, Finland, Germany, Spain, Mexico and Brazil.

 

Related articles:

iZettle launches in Mexico following Santander investment

iZettle accepts JCB cards

iZettle launches chip&PIN version