Bangalore-based iKaaz has unveiled a new NFC reader solution costing less than $20.

Using its proprietary NFC Reader, which can be plugged into any mobile phone, iKaaz says it has overcome one of the main stumbling blocks for NFC payment adoption – namely merchants having to stump up for expensive point-of-sale (PoS) equipment.

iKaaz also offers consumers an NFC sticker, priced at less than US$2, that can convert any mobile phone into an NFC-enabled phone.

iKaaz chief executive, Soma Sundaram, explained in a statement that the iKaaz NFC Reader can be used for retail payments, transportation, entertainment – and numerous other touch points – to enable cashless payments.

The Banglore outfit further claims the NFC transactions are highly secure since the system supports multi-factor authentication.