payleven Mobile Payments Gets UK FSA Approval

payleven has become the first chip and pin mobile payment provider to receive direct approval from the UKs Financial Services Authority.

The app and dongle system went on sale in February in the UK and this move gives it some extra credibility against its growing number of European competitors, including PayPal Here and Intuit. However, iZettle, which works on a very similar model, has received equivalent status in Switzerland.

payleven, a start-up from Berlins Rocket Internet accelerator, has also become part of MasterCard’s mPOS programme, which has been set up in order to ensure that mobile point-of-sale providers adhere to the best security practices. 

The FSA announced yesterday that they will be making it easier for start-ups to set up new banks after a review of the barriers to entry.