Offering more security for consumers who want to pay through their mobile device, Cimbal has announced the public launch of its software-based near field communication payment network. Using a smartphone instead of a plastic card, Cimbal enables secure payment, the company said.

Cimbal lets you pay using your smartphone in the store, online and person-to-person anywhere Cimbal is accepted. 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.

A Cimbal user creates a payment request on his phone or the Web for transactions. Cimbal's system produces a single use 2-D barcode token that does not include the transaction details or other sensitive data. To enter a PIN, and scan the 2-D barcode, the payer launches Cimbal on his mobile phone. Then, Cimbal authenticates both parties and prompts them to confirm each other's identity.

“Smartphones have become the leading lifestyle device. We seek to give consumers and enterprises greater value out of their mobile device investment," said Christopher Boone, CEO of Cimbal. "We are launching our person-to-person solution while we secure agreements with Global 3000 retailers to accept Cimbal as a new tender type, enabling consumers to pay with Cimbal in-store and online.”

Clearing the payment within its system, Cimbal's payment process provides secure communication to both parties in the transaction. There is no need of expensive NFC readers and additional hardware embedded in mobile phones. Both parties receive confirmation receipts on their device and in their Cimbal account history. Also, the company has announced that person-to-person and person-to-merchant transactions are free for consumers.

In April 2010, the company announced the launch of its private beta for merchants and customers. 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. Merchants benefit from the significantly reduced electronic transaction costs and virtually eliminated chargebacks. Also, banks a new mobile payment solution, and a cost-effective customer acquisition tool.