By generating a code on a mobile phone, this technology allows cash withdrawals to be carried out via ATMs without the use of plastic cards. The service also has a mobile wallet functionality which allows users to carry out money transfers to recipients without the use of a bankcard.
The new Cash By Code-enabled mobile banking functionality is developed by OpenWay. The service works on iPhone, Android and BlackBerry smartphones, as well as on Java-enabled feature phones. The mobile banking menu allows users to type in an operation amount and select the preferred card and currency from the list. The amount on the card account gets blocked for the next 24 hours and the phone displays a generated code. Users can withdraw cash themselves or send the code to another person for money transfers. If no withdrawal happens within 24 hours, the amount on the card account is unblocked automatically. Users can also initiate an earlier unblocking, for example, in case of a lost or compromised code.
OpenWay’s WAY4 system targets banks, processing companies and telecom operators, allowing them to create card and account-based debit and credit products and loyalty programs, manage ATMs, PoS terminals, kiosks, as well as web, mobile and other delivery channels.
Azericard is certified by MasterCard, Visa and American Express international payment systems. The company provides processing services for 30 banks in Azerbaijan and other countries, being engaged in the introduction of projects related to the payment of transport fees via non-contact microprocessor cards, payments for services of telephone companies and mobile operators, utilities, customs duties and taxes, mobile and internet-banking, non-cash transfers from card to card.
In recent news, Russian financial services provider BTA-Kazan has signed a contract with OpenWay. Under the terms of the deal, BTA-Kazan has used OpenWays WAY4 platform to launch its internet banking system. Internet services are available to the banks personal customers.
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