Cimbal provides an electronic payment network that turns a smartphone into a replacement for cash, debit and credit cards and the interchange network needed to process them. Cimbal can be used for payments in stores, online and person to person—all in a consistent, simple user experience.

From the consumer side, no hardware is needed, and the customer never exchanges any personal information such as an account number, just a Cimbal transaction code. Cimbal can be used for payments in stores, online and person to person.

On the merchant side, Cimbal is an entirely software based solution integrated into a merchant point of sale system or online shopping cart, requiring no terminal or card reader hardware, for easier deployment, lower cost of operation and a future-proof, updatable solution. In addition, Cimbal can be used for person-to-person payments to or from any bank account or financial instrument, making it a viral payment mechanism for faster consumer adoption.

According to the company, consumers get increased convenience and security of paying from their smartphone. Merchants get lower processing costs and brand loyalty programs. Banks get a mobile payment solution that lowers customer acquisition costs and securely links to a customer’s direct deposit account. The security protocols help eliminate fraud, charge backs and identity theft risk.

Cimbal is headquartered in Silicon Valley, California and is privately held.

More information: Cimbal