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Main info
Title: Pay by smartphone
Author: idcimbal, posted on 8 Jan 2011
Sector: Financial intermediation, insurance and auxiliary services
With Cimbal you use your smartphone for payments in stores, online and person to person safely and securely, linking directly to your bank checking or savings account. Everyone benefits from Cimbal’s security that prevents identity theft, charge backs and fraud.

Cimbal lets you pay using your smartphone in the store, online and person-to-person anywhere Cimbal is accepted. You don’t need any hardware attached to your phone and you don’t need your plastic card to pay. Unlike a plastic card, paying with Cimbal is secure - you never exchange any personal information such as an account number, just a Cimbal transaction code so your accounts and identity are much safer.

Cimbal’s patent-pending solution is integrated into the merchant’s point-of-sale software for cash registers, ecommerce shopping carts, and on the consumer smartphone device. Cimbal produces a unique code – the Cimbal 2-dimensional barcode for each transaction, which is read by the corresponding software downloaded by users on their smartphone device. Once accounts are authenticated and linked, our system processes the transaction instantly. Transactions can be settled immediately or as little as two days.

The Cimbal smartphone application is available free of charge.
Patent: In progress
Prototype: Done
Market research: None
Financial requirement: None
I am looking for: Sales partner to sell the idea