20 July 2012 7:01am

The recent emergence of devices that can be attached to smartphones, turning the phones into mobile point-of-sale terminals, has raised concerns about whether innovation is being promoted at the cost of security standards.

In March, PayPal launched PayPal Here, the first MPOS terminal in the local market. It combines a smartphone application and a small card reader that plugs into the phone.

The set-up allows small merchants to process MasterCard and Visa debit and credit transactions through their smartphones.

Earlier this month, Paymate launched a similar service...