So many outrageous world 1st claims, we had to chortle
There were so many outrageous claims in this pitch by Italian m-commerce startup - JUSP, that we just had to mention them. Take this one … JUSP says it has, “The first all-in-one chip & pin mobile Point-of-Sale (mPOS) solution for smartphones and tablets.” That’s strange because GoMo News wrote ‘Pop into John Lewis & start offering m-payments says WorldPay Zinc‘ back in June  and JUSP says it won’t be launching until later this month (September 2013) in the UK, Ireland and Europe. This one made us chortle. “It [JUSP's offering] is the only chip & pin to connect directly into the phone audio jack – making it more convenient for merchants to do payment transactions over their mobile devices anywhere.” That’s weird because the first chip & pin solutions we ever encountered for iPhones used the audio jack.
The one claim the company makes which seems to be most accurate is that they will have the cheapest offering.
The crad reader which WorldPay Zinc can offer via John Lewes stores if you want costs £59.99. However, JUSP claims its reader will cost a mere £33 ($51, €39 ).
It also seems true that the majority of JUSP’s rivals – like SumUP, iZettle, WorldPay and Payleven charge more per transaction. That’s around 2.75 per cent whereas JUSP will charge 2.7 per cent straight.
JUSP says it’s system “is similar to Square as it connects directly to the smartphone but more technically complex since it is designed for chip & pin credit cards.
It also adds that other chip & pin solutions need separate devices with cumbersome Bluetooth pairings.
Additionally, JUSP claims that it has developed new algorithms that now make connecting to the phone jack a possibility. That’s funny. The other systems we know of use the audio jack, too.
However, we take JUSP’s point on this one … that mobile chip & pin will soon be big in America.
The cost of credit card fraud has become so high in the USA that Mastercard and VISA have mandated that all banks issue chip & PIN cards otherwise they will be liable for fraud charges.
The deadline for hip & pin is October 2015 so now’s the time to start investigating signing up for such a system. You can do so with JUSP already here. http://www.jusp.com/en