Implementing fast OCR application on android device

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Greetings. We're evaluating the feasibility of an android application with OpenCV, which should work as follows:

• 1) The user clicks a button in the app to start the image acquisition
• 2) A video feedback coming from the phone camera should be displayed on the screen (possibly not full screen)
• 3) The user will frame an object which is painted with an alphanumeric string. Often this string of text is curved. As an example:

• 4) Without explicitly taking a photo, the application should be able to "read" the image stream coming from the camera (which, as stated, is also shown in a box inside the application) and recognize the alphanumeric string in less than one second, and with 90%+ accuracy (ideally 99%+)
• 5) The recognized string is displayed as text in a textbox

Given the requirements (less than 1 second to identify the text and 90%+ accuracy), is the computational power of a mid-range android device enough to fulfill them with ease?

Thanks for your kind help!