AzeriCard and OpenWay Transformed Mobile Banking into Mobile Wallet
AzeriCard and OpenWay's joint project brought a mobile innovation to Azerbaijan.
WAY4 Cash By Code On Mobile technology allows for cash withdrawals and transfers on ATMs without a bankcard, using a mobile phone only.
This project is part of AzeriCard’s mobile wallet strategy, and was implemented by OpenWay engineers in just 2 months.
Cardless cash-out operations are supported by 1300 ATMs all over Azerbaijan.
AzeriCard, the pioneer of card processing in Azerbaijan, and OpenWay, a recognized leader in software solutions for the payment industry, improved mobile banking service with the WAY4 Cash By Code technology. By generating a code on a cellphone, this technology allows for withdrawing cash on an ATM without a plastic card. This convenient 'mobile wallet' proved appealing to clients of 14 of AzeriCard’s partner banks. The new service also works as instant money transfer to recipients without a bankcard. The Cash By Code option was added to the menu of 1300 ATMs all over Azerbaijan.
The mobile banking with the Cash By Code option was developed by OpenWay. The solution works on iPhone, Android and BlackBerry smartphones, as well as on Java-enabled feature phones. The mobile banking menu allows the user 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 transfer. A valuable advantage of the service is elimination of ATM skimming risks.
If no withdrawal happens within 24 hours, the amount on the card account will be unblocked automatically. The mobile banking user can initiate an earlier unblocking, for example, in case of a lost or compromised code.
Anar Sultanov, the Managing Director of AzeriCard, says: “AzeriCard’s portfolio of card, mobile and web payment technologies has been growing rapidly, based on the solutions and international expertise of our partner OpenWay Group. Implementation of WAY4 Cash By Code On Mobile was a logical and important step towards the multifunctional mobile wallet service.
This money transfer scheme is not limited to ATMs and has much potential for other self-service channels. Our clients can initiate Cash By Code operations on ATMs, and soon they will be able to do so via Internet banking”.
From January 2013, over 600 new users activate the mobile banking with Cash By Code every month. These are the clients of banks using AzeriCard's processing facilities – International Bank of Azerbaijan, AGBank, Bank Respublika, Bank Technique, Nikoil, Parabank, Turan, Amrahbank, ATA Bank, Silk Way bank, Bank of Azerbaijan, and Xalq bank.
AzeriCard is the first processing centre in Azerbaijan that has been fully certified by international payment schemes MasterCard, Visa, and American Express. At the moment, AzeriCard processes transactions for 29 banks both in Azerbaijan and abroad. 26 of them are members of international payment schemes. AzeriCard actively implements top-notch high-tech projects, such as fare payment by contactless smart card, phone payments, utility payments, custom fee and tax payments, mobile and Web banking, card-to-card transfers, insurance fee payment via ATM, deposits, various loyalty programmes, multicurrency cards, etc. Today, AzeriCard’s system services about 2,000,000 bank cards, 1,300 ATMs and 6,000 POS terminals.