Tab, a mobile application company that develops mobile payment solutions for the hospitality industry, has announced the launch of the application in Toronto, Canada.

The application offers customers a secure form of payment using mobile technology to pay the bill at restaurants in just two clicks. The application provides the diners with lower processing fees, faster table turnover, and easy to-access account information.

Adam Epstein, co-founder of Tab, said that the company’s application eliminates cards and wireless terminals so the diner can enjoy the company and meal.

Tab has struck an agreement with 15 restaurants in Toronto, including The Chase, Blowfish, and Weslodge.

Mike Kimel, investor in Tab, and owner of several restaurants, said: "I am excited to be involved with Tab. To put the convenience of mobile payments into the hands of more people is the goal. Our clients consider time as currency, so anything we can do to expedite the bill payment process and save them time, we will embrace."

Adapting to this application, hospitality industry can lay foundation for future developments in the market for mobile payments and wallets, the company stated.

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With this mobile payment service, Tab intends to tap the $900-billion North American dining industry.