EzetapPayment startup Ezetap has launched a low cost point of sale device which sells for under $50, that can be plugged into a smart device or a feature phone to turn it into an intelligent point of sale device.

Although the company had launched a device earlier, this is a much more advanced version of it.

The new device has a magnetic strip and a chip card reader with a pin pad integrated to the product and is part of the startup’s global expansion plan.

Ezetap is backed by Angelprime, a Bangalore based incubator backed by Peter Thiel, Chamath Palihapitia and David Sacks.

The company says that the device is one third the cost of any other integrated mobile card reader.

Earlier this month, Ezetap said that the company was the first to achieve both EMV level 1 & level 2 certification. EMV is a global standard for electronic payment cards.

The company’s point of sale device supports more than 10 banks in India including Citibank and Yes Bank.

Ezetap was co-founded by former Oracle and NGPAY executive Abhijit Bose who is the CEO and Intel veteran Bhaktha Kesavachar. AngelPrimeā€™s Managing Partner and payments industry veteran, Sanjay Swamy is the Chairman and former Chief Architect of UIDAI is chief technology adviser.

In markets like India where cash on delivery is a dominant method of payment for e-commerce shipments, Ezetap has massive potential. Smartphone penetration in the country is on the up and existing point of sale devices are clunky.

The company already has e-commerce businesses as Myntra, Bookmyshow, BigBasket and redBus as its clients.