O2 have announced a new Mobile Point of Sale service (mPOS) service that enables businesses to accept payments from its customers using their Android or Blackberry smartphone or tablet.
The service , which was developed with Visa Europe and Global Payments, uses a low low cost chip & PIN Pad which connects to Android and Blackberry smartphones over Bluetooth. A free application also needs to be downloaded called "eMerit" which can then be used to manage the transaction.
A receipt can then be sent to customers by text or email with both Visa and Mastercard supported on O2's mPOS service. It's just the latest in a line of developments from O2 aimed at bringing financial services to mobile following on from O2 Wallet.
O2 also confirmed that an iOS version of the mPOS service is currently in development and will be released soon. Sadly, they didn't give any exact details on when it'll be available but we'll keep you up to date.
The PINpad will cost a business £150 up-front and a further £15 a month and after that all they'll have to pay is transaction fees. With a debit card transaction costing £0.75 and a credit-card transaction being charged at 2.95% of the total amount.