CloudZync Debuts U.K. Wallet (Aug. 13, 2013)
Aug. 13, 2013
Another mobile wallet provider has entered the fray in the U.K. British startup CloudZync has launched its Zync Wallet app for iOS and Windows phones, with an Android version to follow soon. Thus far, 280 merchants in London have signed on to accept Zync Wallet, which works by generating a QR code that can be scanned at the POS. The user then provides photo ID for identity verification, and the transaction is approved. Loyalty cards and exclusive offers are integrated into the wallet, with users automatically notified of any rewards points or discounts available when shopping at a particular merchant. Users can load funds directly from their bank accounts to the cloud-based platform, with no debit or credit card required—meaning merchants don’t have to pay interchange fees. Instead, CloudZync charges a rate of one to five pence per transaction, depending on monthly transaction volume.
CloudZync co-founder and chief technology officer Andrew Smith said what sets ZyncWallet apart from the many other providers offering smartphone-based mobile wallets is the full integration of personalized deals and loyalty programs. “We created Zync Wallet to provide merchants with a way to send customers special offers and loyalty schemes through a mobile wallet—as well as providing them with a simple and secure way to pay using just their phones,” said Smith. “Zync Wallet finally harnesses the power of the smartphone that most people have in their pocket, to help both the customer and the merchant.” While the wallet initially will be limited to the U.K., Smith said the company plans to expand into new markets, including the U.S. and Canada sometime in the future.