Mastercard entered an agreement with SumUp, a provider of mobile point-of-sale devices, to expand the number of electronic payment acceptance locations across 27 European countries, according to a company release. 

The companies said they plan to expand card acceptance for millions of small and micro size businesses over the next five years. The SumUp readers allow micro and small businesses to accept payment via cards, smartphones and wearables, such as smartwatches or wristbands.

"We're very excited to be able to partner with SumUp, an innovative and leading player in the provision of payment devices for the small business sector," Jason Lane, executive vice president, market development, Europe at Mastercard, said in the release. "The scale and breadth of this partnership will significantly advance electronic payments acceptance in Europe."

SumUp officials cited data showing small businesses can boost sales by 60% when they accept credit or debit cards, and data from Mastercard shows that newly signed merchants see a 10% to 15% increase in average order size when they begin accepting cards. 

Cover image: Courtesy of SumUp