iZettle is basically a chip card reader module which connects to the bottom of your iPhone. It is likely to be used at retail outlets for customers to pay via debit and credit cards.

The iZettle application will load itself immediately the chip card reader module is inserted into the iPhone and then you insert your debit or credit card into the iZettle reader. Its been approved by the major credit card companies as a securely encrypted device.

To get the top and tail of how iZettle works see the video below. The target date for arrival in Europe is sometime after July this year.

The iZettle will arrive in Sweden in June, coming to the rest of Europe later in 2011.