New Media Insight Group has launched a new mobile payment solution for retailers and consumers.
Called CloudPay, the new solution will reduce merchant transaction fees by as much as 80% by accepting payments on any smartphone or WiFi-enabled device.
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The company said that CloudPay will be available with a free mobile and web app for merchants and consumers.
New Media Insight CEO, Michael Palethorpe, said: "By making use of simple mobile technologies, we can make paying with mobile secure and easy for consumers while lowering fees for merchants.
"Merchants processing $250,000 per month in credit card transactions can save $5,000 in fees each month simply by transacting with CloudPay. We are helping these merchants secure an extra $60,000 of net profit on a yearly basis."
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By GlobalData
