Seattle-based iKaaz LLC figures the best way to make contactless Near Field Communication payments truly mobile is to create a reader that turns mobile phones into point of sale terminals.

The mobile payment technology provider has launched a contactless payment system that pairs its NFC reader for merchants with an NFC sticker for consumers to attach to their mobile phones.

iKaaz is stressing the affordability of its system. The company plans to sell the NFC reader to merchants for less than $20, and the NFC sticker to consumers for less than $2, according to an April 3 press release.

The iKaaz mobile-pay system currently processes more than 800,000 transactions per month, in less than three months since its testing launch, Soma Sundaram, CEO of iKaaz, states in the release.

"I believe we have managed to create the right product at the right price point, using the latest technologies," Sundaram adds.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry