A mobile application enabling electronic funds transfer at point of sale on the Android operating system serves as a contemporary payment method. This technology facilitates card-present transactions using a smartphone or tablet, essentially transforming the device into a portable payment terminal. An example would be a small business owner using their personal Android phone to accept payments from customers using their debit or credit cards.
The relevance of such applications lies in their accessibility, cost-effectiveness, and enhanced mobility for businesses. Compared to traditional EFTPOS terminals, these applications often involve lower setup costs and transaction fees. Historically, EFTPOS systems required dedicated hardware, presenting a barrier to entry for smaller enterprises. The advent of mobile applications removes this barrier, promoting financial inclusion and greater flexibility in payment acceptance.
