New app could change modern retail

Retail mogul Sir Stuart Rose is set to pitch a new app to the industry that lets users buy goods by simply holding their smartphones in front of an image of whatever they want to purchase, AOL states.

As the chairman of the Mobile Money Network, Rose will pitch the app to 150 companies, which, if well received, could change the face of modern retail.

Consumers download the Simply Tap app and register their profiles, including preferred payment card and home delivery address. Details are entered just once and securely saved, which means they don't need to re-enter each time they purchase a product or service.

When they see something they want to buy, the app allows them to ID the product code using image recognition, a scanned QR matrix or typed in code and purchase it immediately for home delivery. The app promises the same consumer experience whatever retailer users buy from.

To date, Carphone Warehouse and the chocolatier Thorntons have trialled the product. But far greater take-up is required for it to be a success.

Following a hugely successful retail career, which saw him step down from Marks and Spencer last year with a £8.1 million golden goodbye, Rose, 63, has embraced technology both in his personal life and with a number of new retail ventures.

The Guardian says Rose was speaking ahead of a presentation at which he hoped to persuade retailers to accept payments via mobile phones.

According to the BBC, the business is designed to make money by taking a "low, single-digit percentage" transaction fee on each purchase. It has already invested millions of pounds getting off the ground.