Keycorp's K78 Advanced Mobile Payment Terminal, the smallest mobile EFTPOS terminal around, had its launch in Sydney on Wednesday.
The hand-held wireless terminal for point-of-sale transactions combines a familiar looking compact EFTPOS unit, a detachable Ericsson SH888 digital mobile phone and a built-in printer to produce a highly mobile solution for merchants going through a high transaction volume.
With the benefits of GSM coverage, the K78 has tremendous potential in mobile phone markets around the world, said John Wood, Keycorp's managing director.
According to Keycorp, typical end users to benefit from their product will include mobile trades people, taxis, couriers, food delivery vans, family doctors, as well as health care, loyalty and insurance applications.
The interest in K78 becomes apparent with some merchants already approaching the banks to make enquiries about K78's availability, Joe Crowley, K78 project manager, said.
Less than 20 cm in length and weighing 475g, K78 offers a magnetic stripe and smartcard readers for both merchant and customer cards. Keycorp emphasises security of transactions conducted by the terminal, offering payment options including credit, debit and smartcard-based stored value.
4MB of flash memory for application and data storage, back-lit LCD display supporting, among others, Chinese fonts, and an interface for external peripherals are some other features of K78.
For now, K78 supports GSM networks and Ericsson's SH888, but it can also be easily adapted for other communication networks, Keycorp officials claim, with PHS/PCN being the next target for K78 development.
While undergoing discussions with banks and telecommunications carriers, which are to be the main channel for K78 domestically and internationally, Keycorp's officials claim the company would not shy away from considering other viable distribution options.
The retail price of K78 is yet to be determined by specific agreements involving banks and telco companies, but Keycorp suggests it should not differ considerably from the price of currently available counter top EFTPOS terminals with printers, which on average sell at $2000.