Financial services provider SumUp is expanding its product range and addressing end customers for the first time using the “SumUp Pay” payment application. The app is available for iOS and Android and serves as a “digital wallet” in which retail contactless payments can be made, but users can also send money to each other.
In the application, the company provides a prepaid virtual MasterCard that can be topped up using a stored bank card or by bank transfer. The company announced Thursday that the card can be integrated into Apple Pay and Google Pay and used for contactless payments.
With a QR code, users can also pay directly in the app if the retailer uses the SumUp checkout system. There is also a reward program in the app that calculates points for transactions, which can then be redeemed at SumUp merchants.
SumUp Pay is now available for free in Germany, Great Britain and Italy on the Apple and Google app stores. After successful registration, new customers receive an initial credit of €10, which can be spent at any SumUp merchant.
Recently, SumUp has also expanded its gastronomy and retail offering. For merchants using the SumUp POS system, the startup now also offers business account management. SumUp also offers a prepaid physical MasterCard for a business account.
Sumup was founded in London in 2012 and merged with German subsidiary Payleven in 2016. The company initially specialized in contactless payment terminals for tablets and smartphones, but has since expanded its reach.
Startups like SumUp are struggling with the recent big slowdown in investor sentiment. In light of the global crisis mood, investment capital is no longer so loose. This also forces so-called unicorns like gorillas to be rescued. SumUp laid off about 100 employees in Brazil in May.
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