Dan Wagner serial entrepreneur and founder of e-commerce business Venda has launched a new mobile-based payment system mPowa. The service includes a downloadable app and a card reader that turns any mobile phone in to an intelligent till.

mPowa launched in the UK and US simultaneously costs just 25 p or 0.25% per transaction and the system can be up and running in just a few minutes using your current banking relationship.

mPowa is a service that includes a mobile phone app and a reader which connects to a smartphone or mobile device either by plugging into its headphone socket or via Bluetooth. Businesses can then take payments using a customer's debit or credit card.

The mobile app is free to download on iPhone, iPad, Android, Windows and Blackberry devices and functions as the control centre that accepts the payment. It monitors payments made by card as well as cash and cheque, as well as processing each transaction securely.

The reader, when connected to a mobile phone, is used to swipe the magnetic strip of the card, or for the chip and pin device, the card is inserted and the customer is prompted to enter their PIN code.

Dan Wagner CEO with the mPowa device

Dan Wagner, CEO of Powa Technologies said, "We created mPowa as a response to an age-old problem that needed a solution – a universal payment system that will enable anyone to accept money from customers without excessive costs or waiting times. Whether you are a large enterprise looking to mobilise your sales team, a market trader, or a local plumber who wants to accept payment on the spot, even from customers who don't have cash to hand, this is a unique offering that will have a huge impact right across the country," stated Wagner.

Both the mobile app and reader are free and the only cost associated with using mPowa is the small 25p or 0.25% fee charged for each credit or debit card payment processed, making it accessible to all businesses. And because it accommodates existing banking relationships, there's no need for a business to change its banking details to use the service.

A web-based Merchant Dashboard account management system enables users to fully monitor payments in addition to the mobile app. Meanwhile, receipts can be sent by email or SMS.