UK-based financial company CloudZync has already picked up 280 merchants for the launch of its upcoming mobile wallet.
The service will allow customers to pay for items straight from their smartphones, while loyalty cards can be integrated and special offers can be gained.
According to the firm, the application will be available for free on iOS and Windows phones, with Android set to follow in the future.
Once customers download it they can fill it with funds from their bank account and then use it at participating retailers for a faster method of payment.
However, people will still need to have a PIN to access the e-wallet and once this is complete a unique QR code is generated, which the shop assistant can scan. The store must also verify the customer is who they claim to be by approving a photo ID.
Andrew Smith, co-founder and chief technology officer at CloudZync, said the mobile payments industry has grown dramatically in recent years, with people being offered a range of new ways to pay using their smartphone or NFC solutions.
"However, none of these payment options truly take advantage of the mobile technology that most consumers now carry in their hands, with most just offering another way to pay by card," he added.
By Tony Aynsley