The U.A.E.-based bank Mashreq has launched a new mobile POS device, the Mashreq Payport, that is initially being used at QSR brands Pizza Express, Cold Stone Creamery and Popeyes. According to Gulfnews.com, the Payport is a fully EMV-compliant chip-and-pin mPOS device and is the Middle East's first smartphone-supported mobile payment device.

The technology enables customers to pay for their products by inserting their debit or credit card into the device, then signing or entering their pin to complete the transaction, the publication said. The application is available for the Android and iPhone platforms.

A bank spokesman said the service will first be utilized by delivery companies, but is suitable for mobile salespeople and in-store sales at quick-service restaurants

Customers and retailers won't be charged service fees, but retailers will be charged $150 to $160 per device. The solution was launched in partnership with MasterCard and Swiff.

Learn more about mobile initiatives.

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