BEIJING, May 8, 2012 -- /PRNewswire-Asia/ -- 99Bill Corporation, China's leading electronic financial service provider, announced the official launch of its new mobile payment product 99Bill Card Reader. By simply plugging the tiny 99Bill Card Reader into Smartphone audio jack, merchants can accept bank card and credit card payments on the go, and make more sales quickly. The patented solution supports both iOS and Android platforms.

Statistics shows that China has huge demands for card present transactions, but still lags behind other markets around the developed world where POS devices are extremely common. According to People's Bank of China, the nation had issued a total of nearly 3 billion bank cards by the end of 2011, an increase of 22% from the previous year. Meanwhile, there were only 3.18 million merchants using a total of 4.82 million POS devices in China.