Saturday, April 10, 2010

Cimbal Launches Private Beta of Mobile Payment System

Cimbal announces the launch of a private beta  for a new software only mobile payments ecosystem. "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."
"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.