Is iZettle Swedish for "square?"

Swedish company iZettle announced its new mobile payment app for iPad, iPhone and iPod touch is available on the Swedish App Store. The app is similar to products in the U.S. from Intuit and Square and gives users the ability to take credit and debit card payments using their mobile devices.

"Cash is a hassle," said Jacob de Geer, iZettle CEO and co-founder, in the announcement. "Whether you're a merchant with a storefront, a plumber working in someone's home, selling produce at the farmers market or settling the bar bill between friends, iZettle makes payments convenient from your iPad, iPhone or iPod touch."

The company said there is no monthly fee for the service and users pay 2.75 percent of the sale plus 1.50 SEK (about 25 cents).

The app can be used with or without a card reader dongle. According to iZettle, while the product is still being introduced, 2,000 card readers will be given to merchants free of charge.

The company said its product is EMV approved, PCI-DSS compliant and that all data is fully encrypted during transmission.