Swedish iZettle just launched their website describing the iZettle chip reader that turns an iPhone into an EMV terminal that can be used by merchants as well as anyone who has something to sell.
A video on the website describes the process where you have the reader connected to the bottom of the iPhone. The amount is entered, the card is inserted, the amount is authorized online and finally the customer signs using the touch screen and optionally receives a receipt by e-mail.
Security seems to be a top priority according to the website: "iZettle meets all the requirements of the card payment industry. We are EMV approved and comply with PCI-DSS regulations. No sensitive data is ever stored on the mobile device, and all data traffic is encrypted."
The product/service will be launched in Sweden in June this year and people who are interested can sign up for an invite.