Electronic fund transfer network SHAZAM is dipping its toes into the mobile point-of-sale (POS) market, according to a report by Mobile Payments Today.
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The company plans to produce an open-platform application, known as the Adaptive Payments Pentagon, which gives merchants the ability to scan credit and debit cards on mobile devices such as Android and iPhone.
According to the company, the Pentagon is the first and only application to use the consumer’s phone for PIN debit transactions. SHAZAM also notes that this solution will offer the debit transactions at a “substantially” lower rate than other mobile POS applications. In total, merchants will only have a one-percent charge for the debit transactions.
“The mobile payments space is becoming crowded with many look-alike payers, but Adaptive Payments stands alone,” said CEO Shashi Kapur in the announcement.
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