Indian company Ezetap has launched a device which turns any smartphone into a point-of-sale (POS) credit card reader.
Company founder and CEO Abhijit Bose said it was the first locally developed and manufactured product supporting magnetic stripe, chip and pin transactions, according to a statement released last week.
The device, which also works with some featurephones, will go on sale this quarter for less than US$50. It has been certified in line with global security standards--EMV level 1 and 2--and is also compliant with the Reserve Bank of India's guidelines.
"Competing head-to-head against global payments companies using devices manufactured in China in the fast-growing, the entire Ezetap solution from its card reader to service platform has been 100 percent designed and developed in India," Bose said.
The Bangalore-based firm already sells a smartphone accessory that can be used to, and counts 7,000 live devices in India; It is adding over 2,000 more per month.
Besides India, Ezetap is live in Kenya and will expand to Southeast Asia by October.