SumUp enters B2C space with digital wallet launch

Payments firm SumUp is making the leap into B2C services with its first direct-to-consumer product, a digital wallet.

‘SumUp Pay’ will make shopping locally “easier and more rewarding”, according to the fintech, with an integrated loyalty scheme uniquely focused on supporting local businesses.

The app also provides a virtual Mastercard, one-click remote payments for SumUp merchants and payment via a SumUp QR code.

“Our all-in-one loyalty e-wallet app not only offers a convenient payment mechanism for consumers to pay bills, purchase goods, or transfer money to their friends, but also rewards them for each penny they spend,” SumUp head of consumer business Pedro Branco said.

“With SumUp Pay, we hope to create a mutually beneficial ecosystem between local businesses and consumers, by incentivising millions of people to shop locally and providing our merchants with yet another tool to support and help them grow their business.”

SumUp’s expansion into the BC2 space follows the company’s recent growth and a spree of acquisitions.

It raised $590m just a few months ago to see its valuation hit $8bn, and last year brought on Fivestars, Goodtill and Tiller.

Beyond the new e-wallet app, the company has also made a few other additions to its product line.

Having started off with card terminals, it has since expanded to include e-commerce tools and invoice technology.