British m-commerce firm CloudZync has signed up 280 merchants for the launch of its mobile wallet, which will let customers pay for items straight from their phones, as well as integrate loyalty cards and access special offers.
Once they have downloaded the free app (initially for iOS and Windows phones, with Android to follow) and loaded it with funds from their bank account, customers can open the wallet with a PIN and select the 'make payments' option at participating retailers.
The app automatically generates a unique QR code which the customer then presents to the shop assistant to scan. The assistant then verifies the customer is who they claim to be by approving the photo ID, and payment goes through. If the customer has added a loyalty card scheme for that store, or claimed a voucher, Zync Wallet will automatically add any reward points and discounts.
CloudZync says that, unlike many card schemes, it does not charge its merchants any set up fees or administration costs to make payment - and no additional hardware is required.
Firms can run a pay-as-you-go model, meaning rates are between one pence and five pence per transaction. Alternatively they can sign up to 'business services tools', starting at £40 a month, and giving them access to help with the set-up, branding and management their own loyalty and CRM schemes.
Andrew Smith, co-Founder and CTO, CloudZync, says: "There's no denying that the mobile payments industry has grown dramatically in recent years, with consumers being offered a range of new ways to pay using their smartphone or NFC 'quick pay' solutions. However, none of these payment options truly take advantage of the mobile technology that most consumers now carry in their hands, with most just offering another way to pay by card.
"It's this lack of true innovation in how consumers make mobile payments that has resulted in a lukewarm reception thus far. That's why we created Zync Wallet, to provide merchants with a way to send customers special offers and loyalty schemes through a mobile wallet - as well as providing them with a simple and secure way to pay using just their phones."