Cortex, a West Coast mobile payments technology startup, has its first employee in Cambridge and plans to have as many as ten employees at the office by the end of 2014.
The company aims to solve many of the issues that have hindered mobile payments from taking off, including security and user verification, while also offering new features such as a way for consumers to get “hyper-local” deals targeted to them by merchants.
Cortex doesn’t offer a mobile wallet app of its own, but instead allows payments companies to embed the technology in their own mobile wallets.
The “hyper-local” technology allows consumers to indicate an intent to purchase an item or service using the app. The consumer sets a geographic radius and the amount of money they’re willing to spend, and nearby merchants can then target offers to the consumer, competing for their dollar.
The company’s first Cambridge employee is Rob Stringer, vice president of product development. The Cortex office is located at the Cambridge Innovation Center.