Pay using Android phone card reader

Pay using Android phone card reader 

 The Reserve Bank of India has given its nod for a card reader that costs Rs 1,500 and can, in conjunction with an android phone, do everything that a POS terminal can do.

 The current credit card point of sales (POS) terminals may soon go the way of the 'zip zap' machines that were used by merchants to generate receipts based on credit card impressions until early '90s

 "The mobile card reader does everything that a current POS terminal provides and is competitively priced. The transaction costs are the same for the merchant. But to what extent it would replace POS terminals would depend on each bank's strategy. One must recognize that any form of behavioral change in the market place is always gradual," said Yuzak.


 Source - Times of India