Based around storing credit and debit cards on an app and using QR codes to complete the purchase.
UK start-up Swipe Pay has come up with an app that lets users store various payment card details on their phones. When a merchant makes a sale, the purchaser opens the Swipe Pay app, and select the preferred payment option from a scrolling menu.
They click on the one they want and a QR code is produced. Scanning this code processes the payment.
The plan is to make the service available for in-store payments, online transactions, person to person transfers and even ATM withdrawals.
Swipe Pay says it is currently finessing its service and and will launch merchants and consumers in the UK and US later this year.
Nick Holland, a mobile transactions analyst at Yankee Group, said: “Because it’s contactless there’s a perception that people can grab it from thin air, but it’s actually a more sophisticated technology than traditional credit cards with magnetic strips, making it more difficult to steal a consumer’s payment information”.