A snap-on device from BNZ quickly turns everyday smartphones into mobile card readers.
Aimed at New Zealand small businesses, PayClip is small, lightweight and straightforward to use. The bank expects it to be popular with market traders, taxi driver and others who need to take money while on the move or away from the fixed telephone network.
The device attaches to smartphones via the audio connector. Once connected reads the chips on Visa and Mastercard credit or debit cards.
The person receiving money enters security codes and the price using the smartphone screen and their customers can enter pin numbers or draw an on-screen signature.
PayClip works with any network
Transactions are conducted over mobile phone networks. PayClip works with the 3G and 4G data networks or over a Wi-Fi connection.
BNZ head of small business Harry Ferreira says the system is designed to be fast. He says small businesses need the cash-flow, with PayClip the money can be in their accounts as early as the next business day.
The hardware works with iPhones and many newer Android devices. Ferreira there are apps for the device designed for both ranges, but not all versions of Android are covered.
Developed for BNZ by Australians
PayClip was developed for BNZ by Australia-based Mint Wireless. For now the BNZ is the only bank using the technology, but Mint head of projects Chris Hawker told digitl he expects others on both sides of the Tasman will follow the BNZ’s lead.
Ferreira says the BNZ had to change its mobile banking service to allow small companies to approve payments directly from smartphones. He also said the bank is working on integrating PayClip with point of sale and back-end systems.
BNZ says it expects thousands of customers will take the new technology.
PayClip will cost customers a flat $10 per month along with a 3.25 percent transaction cost.