South Africa-based financial services company iKhokha last week launched a mobile point-of-sale terminal that works with an accompanying mobile app, according to a press release. 

The terminal, called the Edge, is a chip-and-PIN reader that plugs into any model Apple smartphone starting with the iPhone 4 and most Andriod devices, the announcement said. Merchants can use the app to tender cash, card and mobile transactions, sell value-added services (such as airtime), and monitor and track sales performance and transactional history.

Merchants pay a one-off cost of R989 (US$92 or 68 euros) for the card reader and then a flat 2.75 percent per transaction fee and no hidden monthly costs. The company will also offer a 24-month rental  option for merchants looking to avoid an upfront cost, according to the press release.

"Being South African entrepreneurs ourselves, we understood the challenges businesses face in collecting cash or digital payments from their customers. We have built a product  that offers fellow entrepreneurs and businesses an easy way to take card payments securely using their mobile device whilst minimizing the risks associated with carrying cash. We are really excited to finally see our vision come to life and witnessing the positive impact firsthand makes all the hard work worthwhile," Ramsay Daly, one of iKhokha's co-founders, said in a statement.