MUMBAI: The current credit card point of sales (POS) terminals may soon go the way of the 'zip zap' machines that were used by merchants to generate receipts based on credit card impressions until early '90s. The Reserve Bank of India has given its nod for acard reader that costs Rs 1,500 and can, in conjunction with an android phone, do everything that aPOS terminal can do.
The cigarette box sized device, which records signatures on a touch screen from a stylus, does away with charge slips and works as well as any swipe machine. Citibank has been the first off the block to adopt this technology developed by Bangalore-based Ezetap Mobile Solutions and has obtained regulatory clearances for its launch.
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