Tranzfinity has launched a new solution enabling standard mobile phones to be turned into low cost, contactless card accepting point of sale terminals.

The solution works by combining a standard phone with the company’s Myztro NFC device and a secure mobile POS application. “Closed-loop pre-paid card schemes will be certified first,” says Tranzfinity, and “it is expected that this solution will ultimately support MasterCard PayPass, Visa payWave and even PayPal Mobile in the coming months.”

“The driving influence on the development of this solution comes from market demands by those merchants who require mobility in their transactions with consumers,” says Tranzfinity. “Whether a street vendor in New York City, a small merchant in Mumbai, or a restaurant delivery service in Hong Kong, this solution brings a new level of security, convenience and cost-effective transaction capabilities.”

Delivery and maintenance of the payment application is provided by Tranzfinity’s Secure-Z ETSM platform, a white-labeled TSM platform that can be hosted by Tranzfinity or offered as an enterprise license to those companies who wish to provide TSM services for the remote management of applications and devices.

“Now, true mobile payment acceptance can be a reality for millions of merchants worldwide, and they can do it with the equipment that they have in their hands today,” says Jeff Miles, CEO of Tranzfinity. “By using the merchant’s existing mobile phone, along with Myztro, they no longer have a need for a dedicated payment terminal. This provides a cost effective solution for many merchants who previously could not cost justify credit card acceptance at their location or on-the-go. This technology, along with its cost savings, could be game changing.”

“With contactless card issuance continuing rapid global growth, 947 million expected mobile users with NFC devices by 2014, and millions of merchants who do not yet accept credit cards due to availability of cost-effective mobile solutions, we believe there is a significant opportunity for us and our partners to build a strong position in this market,” Miles added.

Tranzfinity’s Myztro devices are manufactured by SCM Microsystems and are available in volume today, with a target price in the mid-20 euros for large volumes.

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