UK mobile operator O2, in partnership with Visa Europe and payment processor Global Payments, has launched a mobile chip-and-pin reader that allows merchants to process card payments using smartphones or tablets.

After downloading the application eMerit, merchants will able to process Visa, MasterCard, and Mestro card transactions with their android devices or Blackberry smartphones by connecting to the reader via Bluetooth.

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The service costs GBP150 (USD240) upfront or GPB15 per month for the first year, and it is free afterwards. Credit card transactions are charged at 2.95%, and debit cards GBP0.75.

Sandra Alzetta, senior vice president of mobile at Visa Europe said: "We want to unlock the value of electronic payments for smaller retailers. By getting this device into the hands of tradesmen, home-based businesses and market stall operators, we believe we can help them sell more products and services to consumers who forgot to withdraw enough cash."

This is only the latest of a series of mobile card processing products targeting small and medium businesses. Unlike the first readers rolled out in the US from 2010, the devices developed in Europe are progressively being adapted to EMV technology, featuring chip-and-pin authentication processes, Bluetooth connection, and an integrated pin pad that removes the need to insert security codes directly into the merchants’ phones.

In the UK, mobile solutions provider Powa announced the launch of a chip-and-pin version of its swipe-and-signature reader mPowa in September 2012.

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In October 2012, Berlin-headquartered mobile solutions provider payvelen launched a EMV-based m-POS device, claiming to be the first company to offer a chip-and-pin mobile payment solution in continental Europe.