US-based electronic payment services provider Cimbal has launched the alpha version of its software-based near field communication (NFC) payment network.

Available initially on the iPhone, with Android and BlackBerry to follow soon, the new NFC-based payments service is set to enable users to make person-to-person (P2P) payments via their smartphones to or from any bank account or financial instrument.

In order to carry out transactions, any Cimbal user has to create a payment request on his phone or the internet. Then, Cimbal's system produces a single use 2-D barcode token that does not include the transaction details or other sensitive data. Further on, the payer has to launch Cimbal on his mobile phone, enter a PIN and scans the 2-D barcode. The Cimbal system will authenticate both parties and prompt them to confirm each other's identity. Finally, the system authorizes available funds and clears the transaction. Both parties receive at the end confirmation receipts on their device and in their Cimbal account history.

Cimbal is an entirely software-based solution integrated into a merchant point of sale system or online shopping cart, requiring no terminal or card reader hardware.