Luxembourg mobile wallet start-up CashCloud opens for business

Source: CashCloud

Cashcloud SA, a start-up venture in Luxembourg, releases its mobile eWallet, including a mobile payment system for the Apple iOS and Google Android operating systems, in the wake of increasing use of mobile payment systems via Smartphones, on the Internet and in conventional retail outlets.

Cashcloud expects that by 2017 traditional wallets, credit cards, cash and customer bonus cards will be replaced entirely by mobile payment services via Smartphones, which have become a 24-hour companion for most people.

In only a few months, Cashcloud has developed this unique mobile payment system. It is the first of its type, which will be concurrently available in many European countries. Using the Beta version, users in Germany, Spain, France and the Netherlands will be able to settle their payments in an easy, simple and mobile way. The possibility of paying friends on Facebook has already been implemented - with Twitter and Google+ to follow soon!

While European banks are still discussing the implementation of IBAN and BIC, Cashcloud provides its users with the possibility to just choose a "friend" or contact from their own mobile address books and to transfer the desired amount directly from Smartphone to Smartphone. In addition, Cashcloud will soon offer a contactless (NFC) payment sticker. By using this sticker, the Smartphone user can pay cashless at acceptance point partners around the globe. With regard to cashless payments, Cashcloud fulfils the highest security standards for its users. All payment processes are linked to a prepaid account. In short, this system is like a traditional wallet; just put as much money into it as you want to spend. Within the mobile phone business, the prepaid method is well known and has lead to the final breakthrough with private consumers. E-institutions licensed by European law manage the customer deposits.

Another innovative highlight are the so-called "cashcredits", Cashcloud's own virtual currency. While being part of the Cashcloud scheme, the user is able to collect these cashcredits and transform them into real eMoney. Also payment for various services, e.g. online games, can be made from one Cashcloud partner to another. Providing this virtual currency, cashcloud adds additional value to mobile payment systems.

"By means of the Cashcloud app we want to reach out to younger and innovative users within social networks, which up to now do not offer the possibility of mobile payment systems." states Olaf Taupitz, Managing Director of Cashcloud SA. "It is the dawn of a new age. Traditional banks and payment providers which still focus on computer-based payment systems are way behind the latest user requirements."

With Mobile Advertising, Cashcloud connects the advertising industry, trade partners and suppliers of electronical services with the user. Using the Cashcloud eWallet, Cashcloud allows potential commercial partners to access Cashcloud users. Once they have accessed the eWallet the partners may systematically transmit coupons and vouchers, matching user preferences and wishes directly to the user's Smartphone.

The flexibility of Cashcloud is of particular importance to the user. Regardless of what mobile phone contractor the customer is using or in which bank the customer has his or her bank account, Cashcloud can be used. Hence, Cashcloud is not just providing a secure, simple and fast mobile payment system, but also a system that function independently from other platforms. "This independent aspect means that Cashcloud is moving one big step closer to becoming a comprehensive, global social and mobile payment network," added Sven Donhuysen, Chairman and Member of the Board.

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