Digital start-up company Wallet Circle is redefining its business model so that large and small retail businesses can join its mobile loyalty app for free.

The company will set up a customised mobile loyalty card and supply an iBeacon, which acts as a digital version of an ink-stamp, together with flyers and business cards, for free to all eligible retail, café and restaurant businesses across the UK.

Wallet Circle co-founder Manas Abichandani says: “Wallet Circle is adapting to the changing economic times. We understand that businesses both big and small have become more cautious and will only invest in new technology when there is a definite ROI.

He added: “We have decided to let businesses join our loyalty app for free so they can grow their user base with no risk and no obligation.”

The company’s approach has generated traction, attracting new business customers weekly, including restaurant and café chain Benugo, which is trialling Wallet Circle’s app to provide loyalty cards in its London outlets.

Founded in 2014, Wallet Circle connects merchants and their customers via iBeacon powered mobile engagement that delivers loyalty, gaming and survey interactions based on location.