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New m-commerce payment service debuted

29 August 2013 - 09:40 by Sarah Collinson

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A British company called CloudZync has launched a new m-commerce platform, which is designed to allow smartphone owners to pay for products and services using their portable device of choice, according to Finextra.

The service functions via a downloadable smartphone app, with user accounts synchronised to bank and payment card details.

The CloudZync app is available for iOS and Windows Phone at the moment and the company is currently working on an Android version to broaden its user base.

Payments can be made when the user fires up the app, enters their unique PIN and then presents the phone to a member of the checkout staff in the store of their choice. A QR code generated on the phone's screen can be read by the store and payment will be taken from the linked account.

The use of a photo ID means that the transaction is particularly secure and CloudZync is also compatible with a number of different loyalty cards and offer schemes, which can help consumers to save money.

One of the reasons that this is so attractive is that retailers do not need to buy and install new hardware, or worry about paying fees to the company for handling the transaction.

A growing number of consumers will be familiar with making purchases via safe shopping online and NFC from their smartphones, although this app-based approach could be a new solution to consider.

For the shoppers, it has the benefit of not being reliant on their handset's hardware. In particular they will not be limited by the lack of an onboard NFC chip, which might be a problem when trying to use a mobile with other digital wallet services.

There are more ways to experience safe shopping online and in the high street using smartphones and it is good to see a UK firm innovating in this area.