US-based StraightPay has launched a new mobile payment and reward app, which allows users to pay with their smartphone and receive 10% cash back rewards that can be used for future purchases.
Customers with StraightPay account can download the app and link it to their debit or credit card using Virtual Debit technology.
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Additionally, StraightPay also sends deals and promotions directly to customers’ phones. It ensures security by putting sensitive customer card data in a secure vault, where it is encrypted and tokenised.
StraightPay co-founders, James Fucetola, Paul Fucetola, Joseph Cerreto and John Apicella, jointly said as business owners, they were determined to find a way to limit credit card fees and Pay It Forward to their customers.
"With the StraightPay® app, we’re transferring the fees we previously paid to the credit card companies back to our customers through 10% cash back rewards. It’s a win-win for everyone involved," they added.
The application is being initially launched for select customers in February 2014, with a complete roll out scheduled by the end of March 2014.
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