iPhone credit card reader

Bangalore: Morphie has announced its intent to launch its own mobile payment system for iPhone which will let users swipe their credit cards using the phone. The peripheral when attached will let owners "complete financial transactions on the go" and will come with its own companion iPhone app to handle the payments themselves, according to Electronista.

It is still not clear whether Morphie will be using existing payment system or will be attaching an external infrastructure like Square. Square has already displayed its product which can be attached to the iPhone audio jack to make payment. Such kind of payment system is target for consumers and small businesses who cannot afford to carry bulky and expensive credit card processing hardware and services.

Morphie will be soon giving out more information about this product.

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