The funding will be used for product development as well as for hiring engineers and salespeople, according to a company announcement posted Tuesday.
Consumers can download the AisleBuyer mobile application for iPhone or Android, create an account by adding their credit card information and begin scanning items at select retailers. AisleBuyer notes that it is currently working on being available at more than 19,000 locations.
After scanning an item’s barcode, the app displays the product’s information and also adds it to a mobile shopping cart. While shopping, the AisleBuyer app pushes deals and promotions offered by the store to the shopper, who can activate them if he or she is interested. When done shopping, the customer simply picks which credit card to use and applies it to the total in the shopping cart. A digital receipt is then available for confirmation.
For retailers, the company provides a web-based tool for accessing analytics on what shoppers are doing in-store, like scanning items and purchases. If a store decides to run a promotion, it can then track foot traffic and conversions that might be a result of the effort.
Mobile payments is a rapidly growing arena with major players like PayPal, Visa, Square as well as others all looking for a share of the market. Most notably, Google recently stepped into mobile payments with Google Wallet, an Android app that will house important information, like your credit card numbers. AisleBuyer may be at a major disadvantage against well known competitors, but on the other hand, there is currently no clear leader in the mobile payments space.
The Boston-based company, founded in 2009, secured the round of funding from Old Willow Partners, who also participated in the company’s initial funding in 2010.