US firm 10AK Technologies has introduced a new product called Sequoia  that allows retailers to accept mobile payments using their existing point-of-sale systems without making changes to their hardware or back-end payment processing systems.

The product requires consumers to download an app to their smartphone as well as a retailer peel-and-stick a solution to their existing credit card readers at the point of sale.

The company said the app works with iPhone, Android, Windows Phone and BlackBerry smartphones.

Consumers enter their credit card, loyalty or debit card information. And when they open the Sequoia app on their smartphones, they select the card they wish to use and touch the ‘pay’ button on their phone.