Google Wallet never really took off, but the man behind the struggling mobile payment service is back with a new plan to corner the payments market. This time Osama Bedier isn’t offering a new service or app. Instead he’s unveiled Poynt, a futuristic payment terminal that promises to work with everything from Apple Pay to an American Express credit card.
Poynt supports both kinds of credit cards (magnetic strip and chip-and-PIN) as well as NFC, QR code and Beacon technology. It also features not one but two touch screens. There’s a seven-inch tablet running Android-software for merchants to use, and a smaller 4.3-inch display where customers can type in their PIN. The device also comes with a built-in printer for making physical receipts, an 8-hour battery and a built-in modem.
Since leaving Google in 2013, Bedier has continued to dabble in payment technology. He joined the board or directors at WePay and invested in Coin. But the decision to launch his own product followed the news that U.S. retailers needed to swap out old magnetic card readers for updated chip-and-PIN models. With every store in the country forced to upgrade there’s never been a better opportunity to push a future-facing product like Poynt.
The new card reader officially launches early next year for $499, though companies can pre-order one now for $299. Poynt also hopes to sell directly to banks, which could then distribute the device to smaller stores. If Bedier’s newest project succeeds it could mean a future where every payment system works everywhere no matter what type of card or smartphone is already in your pocket.