Mobile security firm Oberthur Technologies and Mobeewave, a payments software company, have announced a solution that can turn an NFC device into a terminal that can handle payments.

However, the solution only works with those NFC-enabled devices equipped with Oberthur’s own embedded secure element. The solution is called Flying mPOS.

The partners are pitching the product to a range of possible customers, from device manufacturers to banks and merchants.

“While the number of NFC-enabled phones and contactless cards issued around the globe is rising substantially, mobile payment acceptance remains insufficient,” claim the partners.

In the US, for example, the ratio of issued contactless cards to terminals is only 600 to 1, according to Juniper Research referenced by the partners.

Oberthur brings its contacts with banks and OEMs to the deal, while Mobeewave has expertise in NFC-based point-of-sale services.

“When one sees that most of the banks are looking into limiting cash management, simplifying their logistics chain and reducing internal costs, the solution we provide is a blessing for them,” said Benjamin du Hays, CEO & co-founder of Mobeewave.