According to miconex, the funding will enable it to help retailers develop ways of boosting their sales based on real-time intelligence gathered from their existing payment systems.
The company's owner, Coin Munro, said: "The solution will not only provide local businesses with a greater understanding of their customers, but will benefit town centre managers and other key stakeholders seeking to gain an insight into consumer behaviour and develop strategies designed to increase footfall and improve local area engagement."
Working alongside miconex on the project is Sparkles CS, which builds apps that can connect tills in shops with information and communications systems.
The Institute for Retail Studies at the University of Stirling will provide independent evaluation of the project.
Leigh Sparks, Professor of Retail Studies at the University of Stirling, said the technology had "enormous potential" to help local retailers and area managers work together to promote town centres to consumers and to reward them for shopping on independent high streets.
The funding was awarded to miconex after it won a 'Reinventing the high street' competition run by the UK Technology Strategy Board.
The technology experts will work with three retailers in a town centre in phase one of the project. Up to £1.2m phase 2 funding may be available in 2015.