Apple has teamed up with North American Bancard (NAB) for the launch of a new version of its PayAnywhere card reader, which will be available exclusively in Apple Stores and on Apple’s Website come September.
This opens the door for people to use Apple Pay instead of cash at small businesses, local cafes and food trucks — the types of enterprises that face barriers to credit card and contactless payment systems.
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When you add a credit or debit card to Apple Pay, card numbers are not stored; rather a unique Device Account Number is assigned, encrypted and stored on your device. Transactions are authorized with a unique security code.
PayAnywhere, which plugs into the iPhone or iPad, transforms the mobile device into a Point of Sale (POS) system for processing payments via Near Field Communications (NFC) and also supports other mobile wallets, EMV-enabled cards and magnetic stripe credit cards, in addition to Apple Pay. There are no monthly or setup fees, and NAB is now offering a promotion for merchants to receive $5000 in free Apple Pay transaction processing.
The device will be sold only in the US in the short run, and there is no indication of plans for international merchants. It will cost $39.95, while the PayAnywhere Mobile app is free in the App Store.
PayAnywhere isn’t the only device designed to work with Apple Pay — Square also unveiled plans to launch an Apple Pay-compatible mobile credit card reader during WWDC in June.
➤ PayAnywhere Offers New Mobile Credit Card Reader Ready for Apple Pay [via IDG News Service]