In a world going mobile, JUSP appeared right away as the right product at the right time. The Italian company, founded in November 2011 by Giuseppe Saponaro and Jacopo Vanetti, who were then just 25, is based in Sardinia, Milano and Singapore and started out thanks to the funding of a group of business angels, among which Stefano Calderano (JUSP’s CEO) and Paolo Guida (JUSP’s CFO), and to PoliHub, the business incubator of the Politecnico di Milano managed by Fondazione Politecnico di Milano that supports the growth of high-potential start-ups and the development of a strong network of start-uppers. JUSP’s business is based on a unique product: a chip-and-pin card reader with a chip that can be connected to any smart device through an audio jack or USB.
The original idea was to make a device that could read credit cards and enable mobile payments”, says co-founder Jacopo Vanetti. “Since everyone has a mobile device today we thought why not turn it into a credit card reader to enable payments on the go anytime. But now the idea has evolved into a complete platform that offers to merchants also Analytics and Marketing services to get new customers or improve their loyalty”.
The JUSP device is a small box with a pin pad on the front. You connect it with your iPhone Android or Windows device or tablet audio jack, insert a credit card into it and you can take payments almost anywhere. Transactions happen in seconds once merchants use the free JUSP app. JUSP then connects directly to the bank systems to complete the transaction using 3G, 4G or Wi-Fi networks (it will support NFC in the future).
“With a lower price and a smaller transaction fee than other chip-and-pin mPOS products, the JUSP device is the only solution of its kind that connects directly into a smartphone or tablet audio jack”, points out co-founder Giuseppe Saponaro. “With JUSP, merchants have a device that is all in one and works with the highly secure credit and debit cards in use in all countries except for the US – but we are well positioned to enter the US market in 2015″.
At the moment JUSP has a start-up of 400 beta customers, but the chip-and-pin mPOS market is rapidly expanding and the Italian product is well on track to conquer European and emerging markets alike.
Mobile point of sale solutions are designed for small merchants, street vendors, or home-based businesses, the typical Italian customer base for a company like JUSP. “And of course we want to serve Italian professionals and SMEs but we see also a big enterprise market and are talking to companies with remote sales forces. We believe that in 5 years, 50% of POS will be mobile,” Vanetti says. Chances are a big chunk of them will be Italian machines.