Dive Brief:

• Poynt, a new Palo Alto-based company run by former Google Wallet chief and PayPal executive Osama Bedier, has developed an Android-based system with a docking station. The system can accept magnetic stripe cards, EMV (or chip-and-PIN) cards, Near Field Communications systems like Apple Pay and Google Wallet, Bluetooth, QR codes, and beacons.

• Bedier said he was inspired to develop a drastically different point-of-sale terminal because retailers will have to change over their systems to comply with new added security, mainly chip-and-PIN, within a year.

• Poynt is focusing first on smaller businesses, but is working to become a top choice of banks that work with retailers on preferred systems.

Dive Insight:

While retailers bicker over whether or not to accept Apple Pay, former Google Wallet chief and PayPal executive Osama Bedier unveiled a new payments terminal designed to accept pretty much anything.

The old magnetic strip cards of today have proven to be grossly inadequate against hackers, and retailers of all sizes will be changing their systems soon, if they haven't already. Poynt, whose terminals also provide retailers with inventory and other business information and analytics, aims to grab a good portion of that revolution, selling the terminals at cost and making its money through software sales.