South African bank Absa, a subsidiary of Barclays, will offer a mobile point-of-sale solution. The financial institution said it has entered into an agreement with a South African company called thumbzup to supply a dongle called "The Absa Payment Pebble." The product will launch in early 2013.

Like other mobile POS devices, the Absa Payment Pebble plugs into audio input on any mobile smartphone or tablet to process payments. The big difference is that it handles both EMV chip and magnetic stripe data.

“It is a game changing innovation with the potential to transform the way in which entrepreneurs can safely accept offsite payments," said Arrie Rautenbach, Absa's head of retail markets.

Rautenbach said the agreement with thumbzup will start in South Africa but could potentially move to other African countries through Absa's parent company.

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