Cimbal, the developer of the Cimbal smartphone secure payment solution that replaces cash, debit and credit cards and the bank interchange network needed to process them, today announced the launch of its private beta for merchants and customers.
Cimbal is an entirely software-based solution which does not require any additional hardware for consumers or merchants to process electronic payments. A smartphone with a camera for the consumer and a software update for the point-of-sale system at the store is all that's needed to pay with Cimbal.
"Cimbal offers a strategic opportunity for merchants, banks and mobile carriers to enter the mobile payment space with a solution that will gain fast consumer adoption," said Alastair Campbell, chief strategy officer at SingTel. "It's easy to use, and importantly doesn't require any new hardware - which will be key to its fast adoption by the ecosystem."
For customers Cimbal provides increased security because no private information - such as an account number - is exchanged:
- Cimbal's software and user interface make payment faster and more convenient than with a plastic card.
- Merchants benefit from the significantly reduced electronic transaction costs and virtually eliminated chargebacks.
- Banks see the opportunity for lower capital reserve requirements, a new mobile payment solution, and a cost-effective customer acquisition tool.
"We have tremendous interest from consumers, merchants and banks who demand a safe and cost-effective alternative to plastic," said Christopher Boone, president and CEO of Cimbal. "We are working with many of the Fortune 500 retailers and we are excited to open the doors and have people sign up for Cimbal."
Cimbal is the first electronic mobile payment solution that works in-store, online and person-to-person. Cimbal's server-based solution ensures secure transactions at every level for stores, e-commerce transactions and between individuals. Because Cimbal is an entirely software-based solution, it is easily shared and adopted to quickly gain critical mass.
Cimbal is currently available in a private beta program and will be publicly available in U.S. markets in the third quarter of 2010. Cimbal, the smart way to pay.