A new payment system is set to be launched on the UK which will allow sole traders and other small companies to take credit and debit card payments using a mobile phone.
The mPowa service features an app and a card reader which connects to a smartphone using an adapter plugged into the headphone socket.
Users can then simply swipe the magnetic strip of the card or slot it into the adapter and use the phone app as a mobile chip and pin device.
mPowa believes the service will enable firms to cut down on the time it takes for them to receive payments using the old invoice and bank transfer method.
Dan Wagner, chairman and CEO of Powa Technologies, the company behind mPowa, said, "We created mPowa as a response to an age-old problem that needed a solution - a universal payment system that will enable anyone to accept money from customers without excessive costs or waiting times.
"Whether you’re a large enterprise looking to mobilise your sales team, a market trader, or a local plumber who wants to accept payment on the spot, even from customers who don’t have cash to hand, this is a unique offering that will have a huge impact right across the country."
