Payments company iKaaz has developed a new point-of-sale terminal which will allow tap-and-pay transactions through smartphones which are not Near field communications (NFC) enabled. The device called MOWA Wave is will available for merchants in Bangalore and is expected to be rolled out in August. iKaaz says that it will deploy about 3,000 terminals initially, for which it has tied up with restaurants and super markets across Bangalore. Some of the restaurants include the Empire Group of Hotels, Nandhini Group of Hotels, United Restaurants Ltd (US Pizza), Donut Baker, Rolls on Wheels, Imperial Restaurants, Just Bake, Juice Junction, Chung Wah and Vasudev Adigas. The super market tie-ups include Village Hyper Market, Top in Town, Big Market, Family Mart, City Shoppe, Fresh N More Super Markets and MK Ahmeds. How it works Speaking to MediaNama, iKaaz founder and CEO Soma Sundaram said that the POS terminal comprises a keypad, LCD screen and connects using a built-in SIM card or through Wi-Fi for making payments. iKaaz has developed a new protocol which can transform any smartphone into a proximity device to enable tap-and-pay transactions through its MOWA application. "The device's protocol uses a combination Bluetooth Low Energy technology and a specific sound frequency which will make a handshake with the device and carry out a transaction," Soma Sundaram explained. MOWA Wave will also support NFC technology and will accept contactless debit and credit cards and NFC enabled phones. Sunadram also said that the device does not need any additional hardware or software and can function as a standalone device and data…
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