Settle will be discontinued

Settle Group has decided to discontinue the mobile payment service named Settle.
For merchants on the network this means that you will no longer be able to accept payments with Settle and you are encouraged to inform your customers, remove Settle acceptance marks and discontinue the use of the service sooner rather than later. The last day of payment acceptance is assumed to be Friday 28th of June 2024 23:59 GMT +2 (CEST).

Frequently asked questions

Will we receive our settlements?

Yes, Settle Group will perform settlements for all merchants for all received payments.

After 28th of June 2024 23:59 GMT +2 (CEST) we will run the last automated settlement to conclude the service rendering and if any funds are unsettled at that time we will perform manual reconciliation to close all balances.

Will I get my Settle Send balance back?

Yes, Settle Group will reconcile all Settle Send balances and return the funds to the merchants registered settlement account at or shortly after the closing date 28th of June 2024 23:59 GMT +2 (CEST).

Why discontinue?

We did not reach the critical mass needed to monetize a general payment network across all EU states. The cost of running the service was greater than the revenue. We planned to sell the company to a larger financial services player who had financing and distribution to grow Settle into a rational size, but this transaction was unfortunately declined by regulators, and as a result we are running out of capital to keep the lights on. So we have decided to take precautionary action to ensure a safe and compliant shutdown of our regulated services. This is why Settle is being shut down.

We believe all payments will eventually go mobile, but we do not believe in fragmentation. Visa and MasterCard are great examples of payment scheme domination where the merchant benefits from virtually all customers having a card, and all card holders benefit from virtually all merchants accepting it. It took decades to build this network and the cost was shared with thousands of banks who pushed cards and card acceptance to their customers. Eventually the power of the network was realized and everyone benefited.

Mobile payment schemes and services such as Settle, liberates payments from the constraints of physical presence, cards and costly devices. You can pay and get paid everywhere. The technology is fantastic, and unlocks new customer experiences and ways to do business, but you still rely on distribution, a vast network for both consumers and businesses to benefit. We never managed to reach that saturation point, so the benefits and network effects we helped create in our home market were not experienced elsewhere. We thank you for your participation and support in trying to build the next generation payment network of Europe.

 

Will it come back?

We are in talks about selling Settle and hence it may be brought back. If you have ideas, feel free to reach out.