Rather than waiting for NFC to be commercially available, EfiCash participants can use phones with integrated cameras to interpret 2D codes and expedite payments by minimizing keystrokes. Today, the company estimates, more than half of existing phones in the U.S. have cameras.

“If you already have that infrastructure in place, why not leverage it to enable mobile transactions with a low cost of entry for everyone?” asks Efici’s CEO Andres Gonzalez.

The application is based on a prepaid model that securely enables consumers to make and receive payments by linking their debit, credit card and bank accounts. EfiCash has been designed to support multiple languages, currencies and types of accounts.