The card reader costs £89 and charges 2.75% per transaction with no monthly rental fee, no minimum revenue requirement, and no contractual lock-in.
Co-founder and CMO, Konstantin Wolff, told TNW that they've been in discussions with Apple for some time. "We started talking to Apple even before we launched our Chip & PIN card reader in February 2013. Now we are excited and happy to see our solution finally on the shelves."
As expected, Apple has some strict demands of products sold in its stores.
"Apple has many requirements, ranging from product design/quality, to availability and packaging. During our negotiations with them there were clear requirements we had to meet before starting to ship devices to their stores. We absolutely understand the need for strict quality control measures. In the end, the Apple brand stands like no other for innovation and state-of-the-art technology. Ultimately, the ability to meet their specifications as well as being a Pan-European player, were key success factors in this deal. "
Currently, Payleven's reader is only available to customers in: Brasil, Deutschland, Italia, Nederland, Polska, and the United Kingdom. However, the company says its focused on expansion over the next year.
Check out a video below to see how the product works.
Read More [via TNW]