More than five million new credit and debit card terminals may be brought into being thanks to a new application which will allow merchants with iPhones to make debit and credit card transactions.

The new application is called ProcessAway (http://processaway.net/) and will work with merchants who have merchant accounts with the Authorize.net internet transaction gateway. Merchants who have iPhones or Touch iPods will be able to use the application.

Transactions can be processed at places such as conventions, street fairs, antique shows, and by business owners performing mobile detailing, on-site consultation or construction, the company said.

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