As per terms of the deal, Equens- a joint venture between DZ BANK and other major European banks, will process iZettle payments in the country.
The payment technology is now available at selected Volksbanken Raiffeisenbanken, which is a cooperative financial network.
Deutsche Telekom will distribute the iZettle chip-card reader in the Telekom shops, which helps anyone to take chip-based credit or debit card payments anytime and anywhere.
The payment service, which does not store any data, is Europay, MasterCard and Visa (EMV) approved and compliant with the Payment Card Industry Data Security Standard (PCI-DSS).
The service does not require lengthy sign up processes, charges no monthly fee or minimum transaction volumes, except 2.75% of payments made from traders.
Currently, the system is being utilized by over 75,000 small businesses and individuals in five nations, globally.
