Last year, we heard rumors that Apple is working on an iPhone/iPod based point of sale system called EasyPayTouch.

ipad based point of sale

The system features a magnetic stripe reader, an advanced barcode scanner, and Apple’s own proprietary software for processing payments. The system allows for payment by credit, debit and cash, and includes features that allow for making returns, too.

This week, we hear more rumors that Apple has launched this system beyond their stores and have made it available for other retailers. According to this report, Old Navy stores have started testing out an Apple iOS based Point of Sale system. Now, the store clerks can walk around with their own hand held POS device, and their customers can check out on the spot without having to walk to the counter. The clerks can wear mini-printers on their belts (like the Apple store checkout clerks) or the receipts can be printed wirelessly on stationary printers in the store.

I expect more large retailers to try this system out. This can also be a great tool for small businesses and potentially disrupt the POS vendor market.