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Fiserv challenges Square with SpotPay mobile card reader

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Financial services firm Fiserv is rolling out SpotPay, a matchbox-sized reader that plugs into an iPhone or iPad, enabling small businesses to accept credit and debit card payments. Users can also snap photos of checks and complete deposits electronically. Fiserv will offer SpotPay in partnership with its 16,000 financial institution partners. The company did not disclose its transaction fee structure but Rahul Gupta, group president of digital channels, told Bloomberg merchant costs will be similar to those charged by rival mobile payments processor Square, which claims 2.75 percent of each transaction. We just see the success the Square product has had out there, and many of our clients have expressed an interest," Gupta said. "We view it as an extension of the banking relationship." Article

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