US software company Intuit has launched an app and chip and PIN dongle system that turns mobile phones into card payment terminals.
Intuit Pay is made up of an iOS mobile app and a chip and PIN card reader. This enables small businesses to accept Visa and MasterCard payments either in person or online.
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The app is free, and so is the reader – although for a limited time – and merchants pay a 2.75% fee for each transaction.
This commercial launch comes after a pilot involving hundreds of retailers.
Intuit vice president, global business division, Terry Hick said: "Intuit Pay solves an important problem for the millions of small businesses and trades people in the UK who don’t currently accept card payments and so miss out on sales or prompt payment as a result".
The m-POS market is becoming increasingly competitive – just last month iZettle launched a chip and PIN version of its system.
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