A device that allows for processing of credit card payments using an iPhone adaptor launched for the first time in Japan.
The new service called Coiney allows the usage of a small attachment that can be connected to an iPhone, enabling card processing by simply swiping the bank card, and eliminating the need for a conventional credit authorisation terminal.
Coiney was founded by Naoko Samata, a former employee of Paypal Japan. He won the top prize at Rising Expo 2012, a showcase competition for startup ideas held by CyberAgent Ventures last month.
Coiney does not charge any installation or registration fee, but requires a 4 percent commission from merchants for payments made through the platform. The device accepts only Visa and MasterCard so far, and customers can finalize the transactions by signing their name on the display of the iPhone.
An Android version of the service may be introduced next year, the company’s founder said.