With today’s technology smartphone are fast becoming an acceptable way of paying for items in stores and are in some ways beginning to replace the credit card terminals and newly launched start-up Cimbal is a new software only approach to mobile payments.

Cimbal delivers a two-dimensional barcode for every transaction and the user can start their transaction via their mobile phone by scanning the QR code by using the Cimbal application. QR codes can be scanned on the internet, in stores, on other mobile devices and even on print format such as invoices.

Currently Cimbal is most valuable with person-to-person payments, for example if you have an authenticated Cimbal account and you need to collect on an IOU, the user can use the Cimbal application to ask for payment and Cimbal will produce an invoice containing the code for the user to send by email.

Cimbal stands out above the rest due to its ability to fast authorise payments and settle transactions in real time which basically mean consumers or merchants who accept Cimbal mobile payment would find their funds deposited instantly into their accounts.

We have a video overview of Cimbal for your viewing pleasure below courtesy of the guys over at Mashable which give a much better picture of what Cimbal can accomplish so head on down and hit that play button to check it out, and the Cimbal app is also available for iPhone free from iTunes