Payleven has announced it has achieved the backing of payments giant Visa and is ready for a launch in Germany, Italy, the Netherlands, Poland and the U.K. this month.
Payleven is an unusual player in the mobile pay marketplace given that its chip-and-PIN smartphone dongle solution actually integrates with the secure chip in most European credit and debit cards, where other solutions–like Square–read the far less secure magnetic strip on the cards.
Visa is said to have stifled the European effort of Payleven competitor iZettle in a dispute over technology. While Square may be the best known modern mobile pay solution, it’s remained a U.S.-centric experiment. Other competitors are primed to sweep across the larger market of Europe, where consumers are already more adapted to higher tech payment solutions like PIN security.