99Bill Corporation launches mobile POS product

99Bill Card Reader

99Bill Corporation, a Chinese electronic financial service provider, is launching the 99Bill Card Reader, a mobile POS solution that plugs into a smartphone’s audio jack and enables the processing of card payments (view press release). The solution is compatible with Android and iOS and supports pass code and signature based bank card transactions. It is, according to 99Bill, the first commercial roll out of such a product in China.

Card present transactions in China lag behind other developed countries due to lack of infrastructure but there is huge demand. Figures from the People’s Bank of China reveal that the nation issued almost 3 billion bank cards in 2011, an increase of 22% on prior year, while there were only 3.18 million merchants using 4.82 million POS devices. According to iResearch, a Chinese internet-based research firm, 72.1 million smartphones were sold last year, up 103.1% on prior year, and 113 million are expected to be sold over the course of this year.

This Card Reader can significantly increase the number of bank card acceptance devices in China and give our business customers more choices to accept payments,” said 99Bill CEO Oliver Kwan.

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