Commonwealth Bank Set to Launch Square Competitor

Commonwealth Bank announced plans to launch a small, portable mobile payments device for small businesses before competitors Square, PayPal, MYOB or local rival Westpac have the chance, according to Gizmodo.

The bank named the device Emmy, and plans to launch the device on Wednesday.   The device is a small, rectangular little gadget (similar to the Square) that will allow merchants to scan, swipe or read chip payment cards. It can connect to Android or iOS smartphone via Bluetooth, and subsequently beams the transaction back to the bank for processing.

The AFR is reporting that the bank will charge $30 per month  and charge an additional 1.5 percent if transaction value per month if the total exceeds $1500.

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