Page 6 - All the 12 payment enabling technologies
P. 6
Mobile Card Readers
These include Mobile card readers, Chip and Pin card readers that insert into the audio jack of the phone
How it Works Companies involved
Dongles plugged into a mobile device allow swiping
of traditional mag-stripe cards.
Use Case
Retail Payment Acceptance
Strengths
Portability, ease of use, low cost
Weaknesses
Varying degrees of security (and consumer trust); lack
of durability; Merchant reluctance (particularly micro)
Security Risks
Can be modified to siphon card data, but hardware can
be modified
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