Use Iphone As Nets Terminal In Singapore
Singapore cashless-payment service provider Network For Electronic Transfers (NETS) is testing a device that can transform iPhone 4 or iPhone 4S into a NETS terminal.
The device contains a magnetic stripe reader and is fitted over the iPhone, and together with an Apps to be downloaded and installed in the iPhone, shall enable the user to make payment using his own iphone (if he chose to). After entering the merchant's name and payment amount, the user can then swipe his ATM card for direct debit from his bank account, using the keypad on the device to enter the Personal Identification Number (PIN).
A trial is scheduled next week for a duration of three month to test the viability of this device. NETS hopes to launch this device named NETS iSMP, which is a first in Singapore by the end of this year. One application of the service is payment for home delivery of fast food, or laundry. The delivery personnel can use the device to allow payment by their clients using their own iPhones, if they chose to.
Transactions will be transmitted over general packet radio service, a mobile data service that comes with iPhones sold here. The data will be encrypted by the gadget.
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