A new player in the mobile P2P and merchant acquiringspace has arrived: Cimbal. An “all software” POS and P2P solution,it uses 2D barcodes as the mechanism for identifying the paymenttransaction. Cimbal members provide their bank account credentials toCimbal; payment is made via the ACH network. Cimbal’s targeting the top3,000 retailers for its POS business and they will be the sole source of itsrevenue, promising a 50% or greater reduction in transaction fees compared tothe card networks.
Cimbal, Inc., the developer of the world’s firstsoftware-based near field communication payment network announced today its publiclaunch. Cimbal enables secure payment using a smartphone instead ofa plastic card, providing active security in the hands of the consumer.Person-to-person payments are available on iPhones today, with Android and BlackBerry following soon.
For transactions, aCimbal user creates a payment request on his phone or the Web. Cimbal’s systemproduces a single use 2-D barcode token that does not include the transactiondetails or other sensitive data. The payer launches Cimbal on their mobilephone, enters a PIN, and scans the 2-D barcode. Cimbal authenticates both parties andprompts them to confirm each other’s identity. The system authorizes available funds andclears the transaction in seconds. Both parties receive confirmation receipts on theirdevice and in their Cimbal account history. Cimbal is built around a highly secureplatform. No confidential information is ever sent over the unencrypted channels orstored on a user’s mobile device.
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