Nomad 2.0, a second-generation mobile EMV chip-and-PIN card reader from AnywhereCommerce, is designed to be a smaller and less expensive version of its 18-month-old predecessor.
"A lot of people are starting to wade into the market and figure out what they want to offer and how they want to offer it," says Mitchell Cobrin, CEO of AnywhereCommerce. "We've already done it, and now we've improved it and we're on our next gen."
The new device, about the size of an iPhone, measures one-quarter the thickness and one-tenth the weight of the previous offering, Cobrin says. "It has a much more updated 'Apple-esque' kind of design influence," he says of the new product.
The new reader supports debit, credit, gift and loyalty transactions through magnetic stripe and EMV-chip cards. It comes with built-in Bluetooth capability and complies with the PCI, EMVCo L1 and L2, and Visa Ready standards.
Retailers can plug the Nomad 2.0 into a legacy cash register and thus update their point of sale, Cobrin says. It also works with smartphones and tablets, he says.
Independent sales organizations can buy the new device for less than $100, about 40% less than the original, and many would offer them to merchants for free, Cobrin says. However, as payment-acceptance devices become more sophisticated and more costly, he says, most acquirers and distributors will become more discerning about which merchants will receive the free readers.
Some ISOs will adopt a hybrid approach, giving away some devices but charging for others, depending upon merchants' transaction volume, Cobrin predicts.
"I don't think they're going to go after the proverbial babysitter and dog walker who transacts once every other month," he says.
Instead, the device would make sense for home-care workers, gardeners, electricians, plumbers and brick-and-mortar retailers who want expedited checkout, Cobrin says.
AnywhereCommerce also operates a payments gateway, called the A-Commerce gateway, that supports chip-and-PIN and other acceptance, he says.
"Our expertise in delivering an end-to-end solution alleviates a lot of complexity and complications that a partner will be faced with," Cobrin says. "It's a complex mine field when you get into chip and PIN."
In other news, the company has recently signed contract with Prosa, a large acquirer in Mexico, and is working with First Data Corp. in Latin America.