Controversial coupon service Groupon is pinning its growth hopes with entry into the crowded mobile payments market in the United States.
The troubled business, which has seen its share value plummet 80% since its initial public offering (IPO) last year, hopes that its new mobile payment system will revive its flagging fortunes.
Groupon Payments will allow merchants and retailers to swipe credit cards for all sorts of transactions and not just Groupon deals.
In a system that looks extremly similar to that offered by Square, merchants simply require a dongle that can click into a smartphone or tablet. Groupon bosts that they accept “all credit card payments at a lower rate than other providers.”
Groupon also hope to attract merchants by processing and depositing funds overnight, rather than in a few days after the payment is taken.
Currently this service is only available in the US and we have no details of when it might become available in the UK.