NFC

Eurasian Bank, Mastercard and OpenWay Issued Eurasian Pay Digital Wallet

ALMATY, May 2, 2018

Today Eurasian Bank, Mastercard and OpenWay presented Eurasian Pay digital wallet to the market: now the Bank clients, Mastercard cardholders will be able to make one-touch payment for purchases with a smartphone to the terminal. Transactions made with Eurasian Pay are protected by Mastercard advanced security developments.

You can connect to the service without visiting the Bank, it is enough to have a smartphone based on Android 4.4 and higher, supporting NFC technology, and download the Eurasian Pay mobile application on Google Play. For the convenience of customers, the Bank provides the opportunity to choose two methods for confirming each payment - in the “background” mode, using the fingerprint recognition system or entering the password. Customers of other banks can also use the service by ordering a MasterCard card with home delivery in the Smartbank mobile application.

“Technology makes our life easier. We hope that Eurasian Bank customers will appreciate convenience of the new service, whose advantage lays in its simplicity. The digital wallet will allow them to make purchases in one-touch at more than 50 million trading platforms in 111 countries, while they will not need to carry a bankcard to pay. This is a new stage for our customers who are accustomed to non-cash payments, for which they receive increased bonuses, now, instead of plastic, they can switch to payments by their phone. Today, 87% of our Internet banking customers use Android-based phones. We are sure that they will appreciate the new service on its merits”, said Pavel Loginov, CEO of Eurasian Bank

Mastercard was the first to introduce the tokenization service in Kazakhstan, and now banks of the Republic will be able to provide their customers with modern payment solutions for contactless payment by smartphones and other devices. 

“Mastercard is a technology company. We develop solutions for non-cash payments and for many years have been creating innovations for mobile commerce. We are pleased that with the Mastercard tokenization platform the most modern achievements of the global payment industry are available in Kazakhstan now. Together with partners we offer convenient and safe non-cash payment tools that meet the user expectations and will promote the development of the digital ecosystem to achieve sustainable economic growth, improve the competitiveness of the economy and enhance the living standard in the country”, noted Geniyat Isin, Head of Mastercard in Kazakhstan

The Mastercard Digital Enablement Service (MDES) tokenization platform allows integrating a high level of protection in mobile payment services. The bankcard data is safe due to the latest developments in payment technologies - EMV, tokenization and cryptography. When using the Mastercard card in the Eurasian Pay wallet, its number is not stored either on the mobile device, on the Bank servers, or at the merchant enterprises. Instead, at connection of the Mastercard card to the wallet, a unique token - a 16-digit combination of numbers tied to the wallet on a specific smartphone is generated. This token is used for payment.

Each transaction made with the help of a token credit or debit Mastercard card, is reliably protected both for buyers and for outlets. For several years, Mastercard has been closely cooperating with technology partners and financial institutions, introducing the payment tokenization service. For the first time, the MDES platform was introduced in 2013 in the US, and since that time, millions of Mastercard cards have been processed as part of the tokenization service for use in popular electronic wallets.

Source: Eurasian Bank

About Mastercard

Mastercard – a technology company operating in the global payment industry. We manage the world’s fastest payment processing network, which connects consumers, financial institutions, trade companies, government and business structures in more than 210 countries and territories. Mastercard products and solutions allow you to more easily, safely and efficiently solve everyday problems, for example, to make purchases, travel, conduct business and manage finances.

About Eurasian Bank

Eurasian Bank is one of the socially important commercial banks of Kazakhstan with a 24-year history of development. The financial institution occupies a leading position in the retail banking business and provides a wide range of services to corporate and SME clients. In September 2017, the Board of Directors adopted the development strategy of the financial institution until 2022, with a focus on retail business development. 

WAY4 Digital Wallets: NFC and QR Implementations for M-Commerce

How many of the use cases below are relevant to your business?

Seamless e-Сommerce, online check-out using QR-code is simple and allows stronger customer uthentication

Seamless e-Сommerce, online check-out using QR-code is simple and allows stronger customer uthentication

1) Seamless e-Сommerce

3-D Secure is known as a conversion rate killer. Some online shoppers would rather abandon their shopping cart than spend time typing card details. QR codes are the way to improve their experience. 

When it’s time to checkout, the buyer can simply choose his bank from a dropdown list. Then the bank’s processing host generates a QR code that will appear on the screen instantly. The buyer scans this code with a mobile banking or digital wallet app, and OpenWay’s WAY4 host enables him to select an existing card or account to finalise the payment. The QR-based checkout is convenient and quick with no typing required.

2) Cards vs Cash on Delivery

Sometimes people don’t trust an e-merchant enough to provide their card details online. The WAY4 Digital Wallet solution can solve this problem. During checkout, the buyer scans a QR code and the payment amount is blocked on their credit card. When the order is delivered, the buyer finds another QR code inside the package and scans it to confirm that the blocked sum should be transferred to the merchant. 

This solution is especially popular in those regions where cash-on-delivery prevails over other payment methods.

Transit payments, NFC and QR ticketing enhances user experience in public transport

Transit payments, NFC and QR ticketing enhances user experience in public transport

3) Transit Payments

Mobile wallets used in the transit sector are increasingly common nowadays, thus you need something extra to succeed. Our solution lets passengers pass through pay-gates much faster and also minimises the interchange fees on micropayments for acquirers.

WAY4 stores a passenger’s card transaction history to analyse it at the moment of a transport payment. For cards identified as trusted, the payment will be approved even before the reply from the issuer is received. When the passenger taps his mobile device to the terminal, his payment details are secure due to the tokenisation functionality of WAY4 Digital Wallet. The issuer can generate tokens in-house or use tokens of Visa and Mastercard.

Furthermore, our platform aggregates many transit micropayments into one bigger transaction to be sent to the international payment schemes. It is crucial for certain kinds of transit environments where the internet connection is unstable and the POS terminal has to send scheduled authorisations for a combined amount. This feature also results in lower interchange fees.

If the NFC infrastructure is under-developed, transit authorities can place QR codes on the walls of public transport stations and vehicles. By scanning such codes, passengers can buy tickets when and where they actually need them.

QR Payments on the Fly, both easy for the customer and cost-effective for the merchant

QR Payments on the Fly, both easy for the customer and cost-effective for the merchant

4) QR Payments on the Fly

Many retailers find it more cost-effective to expand their business with mobile innovations as opposed to new brick and mortar stores. Placing QR codes on advertising banners in crowded public places – subway stations, hospitals, sport stadiums and so on – allows consumers to make spontaneous and regular purchases quickly and easily. 

When the QR code is scanned, the mobile wallet can apply a default payment card and home address to this order, or allow the buyer to supply new details.

5) Quick Payments at Mega-Events

Olympics, art festivals and business congresses are good news for local retailers, but buyers complain about longer than usual checkout lines. To improve customer experience, the bank can partner with the organizing committee and promote an event-related mobile app. The app user can issue a prepaid card and use these funds for mobile purchase of tickets, food and beverage, souvenirs and more. Due to NFC tapping or QR code scanning, payments become faster and wait lines at POS – shorter. 

With the increased checkout speed, merchants can serve more customers during each event activity and get more profit.

Tourist Mobile Wallet, easy ticketing can be complimented with luring offers from the mer chants

Tourist Mobile Wallet, easy ticketing can be complimented with luring offers from the mer chants

6) Tourist Mobile Wallet

In certain countries the tourism share of GDP is 10% and higher but the infrastructure for plastic card acceptance is still under-developed. A smart innovative bank approaches foreigners as soon as they enter the country, right in the airport – offering them to issue a prepaid card and personalise it via a mobile app. This mobile wallet supports QR payments and displays promotions and discounts of the participating merchants. Additionally it can provide tips on the country’s attractions and cultural peculiarities.

When tourists go shopping, dining or sightseeing, they pay by scanning the unique QR code of each merchant. Their regular plastic cards stays secure in a hotel safe, and their pockets are not overloaded with local banknotes.

Split the restaurant bill without tedious calculations and arguing

Split the restaurant bill without tedious calculations and arguing

7) Split the Restaurant Bill 

You are probably familiar with this awkward situation when several people dined together and the waiter brought them a combined bill. Let’s assume they all want to contribute to this payment. It can be done conveniently with the mobile apps that support instant P2P transfers and QR scanning. 

There is one customer who pays the bill in full. Others scan a QR code on the payer’s phone to transfer their contribution to the payer’s account. If they decide to split the bill evenly, it is the same code for everyone. Otherwise the application can generate several codes with different shares.

OpenWay announces launch of WAY4 Host Card Emulation

WAY4 HCE gives financial institutions an opportunity to implement contactless mobile payments faster and easier. The first live demonstration of WAY4 HCE took place at the OpenWay OnWave user group at the end of 2014 in Paris.

WAY4 Host Card Emulation software - developed by OpenWay, a recognized leader in software for bankcard issuing and acquiring, payment processing, and omni-channel banking services - supports cloud technology specified by Visa and provides value-added financial services for customer attraction and engagement via mobile. 

WAY4 HCE allows banks to issue virtual cards on a phone instantly. In this way a bank can make an existing card NFC-enabled on a smartphone, issue a mobile copy of a lost card, or create a new card while the plastic version is in production. To use it the customer downloads a WAY4 HCE mobile app from Google Play or the bank website, opens it, selects the service, and links a card to the app or creates a new one. To support the service, WAY4 provides the bank with a cloud where all security data elements are stored and available for authorization.

Moving the security element from the SIM card to the cloud means removal of the need for an intermediary between the bank and the merchant, such as a mobile operator or another TSM. As a result, the project to launch the NFC service is simple and quick with lower costs. Using this solution, a bank can save on issuing plastic, restoring lost cards, and delivering cards. The service improves a customer experience, increasing client loyalty and strengthening the bank’s brand.

Alain Vansnick, Sales Director, OpenWay, noted: “The ability to issue NFC cards ‘on the fly’ opens new horizons for client attraction. Banks can offer prepaid virtual cards to potential clients outside their traditional branches – via ads on the Internet, mobile branches or events. For example, a combined co-branded virtual payment card with NFC pass and loyalty functionality can be designed for a musical festival and distributed through a special app for any participant. The customer can top up the new NFC card from any financial instrument.”

When a client makes a transaction on a POS terminal, the system contacts the security element in the WAY4 cloud server and gets there a security key that is necessary for the transaction. The WAY4 architecture assumes a fully secure environment, meeting PCI DSS requirements since sensitive information about cards is not kept on the mobile device.

Bank and Vendor: Dependency or Partnership?

OpenWay and AK BARS Bank, one of the top 20 banks in Russia and general partner of the 2013 Universiade in Kazan, Russia have recently implemented a number of innovative projects together. The results have been amazing: in a short time, the bank has attained a new level of payment service based on contactless technologies and new delivery channels. The director of “AK BARS” Bank’s processing centre, Artur Khabibrakhmanov, shares the secrets of a successful partnership between bank and vendor.

«AK BARS» Bank is the largest bank in the Republic of Tatarstan, one of the most developed regions of Russia, and it was the leading bank services’ provider during the Universiade 2013 that recently took place in Tatarstan. What innovative products were prepared and how will they fare in the future?

The bank had a complex task to create a payment infrastructure for the Universiade’s participants and guests, and the bank’s team began work on this long before the event itself. In addition to ATMs, payment terminals, transaction kiosks and standard card types, a number of innovative issuing and acquiring products were developed. For example, we developed a number of issuing products based on multiservice cards including both contact and contactless bank products, transportation offers and a loyalty programme, as well as an identification application that served as an entry pass to Universiade sites and a ticket to competitions, all on one physical medium. 

I would say the most interesting product created for the Universiade is a contactless “wallet”, the first to be implemented in Russia. Physically it consists of a Watch2Pay wristwatch and two renewable prepaid MasterCard cards with a limit of up to 15,000 rubles. The first card, with a magnetic stripe, is used to replenish the account, and the second, a chip card, is for the watch; both are linked to the same account. Contactless payment is made with MasterCard PayPass technology at merchants, restaurants and cafes, filling stations and terminals with payment services. We set up several thousand such locations in Kazan and there are several million worldwide. 

The second product is NFC sets that we issue jointly with mobile operators. The set includes a telephone supporting NFC technology and a SIM card linked to a bank card. The linking is done in WAY4 processing system used by “AK BARS”. Payment is made using a mobile phone.

Of course, we also offered guests non-renewable prepaid cards that can be given as gifts. Among these, I’d like to single out the “Guest of Kazan” card. This card for 1 or 2 people could be used to obtain discounts at museums; they also contained a transportation application that guests of our city could use to pay for public transportation. 

Meal cards for volunteers are also noteworthy: 20,000 Universiade volunteers could use them for lunch at “McDonald’s”. This international chain has specific and strict requirements and its own acquirer. Nevertheless, we were able to provide a payment service using the WAY4 platform issuing programme, ensuring compliance with requirements for service time, points of service and meal costs. 

The entire payment infrastructure was built based on the widespread use of contactless technologies. Now, after the Universiade, this infrastructure continues to work for the Bank’s clients and guests of Kazan. Accreditation cards that were part of the accreditation badge at the Universiade can be used as regular bank cards (and retain their multiservice functionality). The majority of almost 200,000 cards issued for the Universiade can be further used by Bank clients, and the same is true for devices installed by the Bank for the Universiade. Our developments will continue to grow (many of them will be put to market in the near future), and of course, we hope to use them in upcoming large events such as the world aquatics championships in 2015 and the FIFA World Cup in 2018.

AK Bars Bank Watch with NFC technology and a SIM card linked to a bank card - special issue for the Universiade in Kazan

AK Bars Bank Watch with NFC technology and a SIM card linked to a bank card - special issue for the Universiade in Kazan

You mentioned WAY4. How long has the Bank been using WAY4? How you build a relationship with the vendor? 

I came to the Bank in 2004, and at that time a processing configuration was implemented in which the OpenWay solution was one of the elements (authorisation and back office), and a different company supplied the front office solution. At that time such a configuration was warranted by limitations on computing capacity and communication channels, which made it possible to separate processes of device management and settlements. But as client demand developed and grew, it became clear that tighter integration between front and back office processing was necessary. Clients were requiring more complex bank products, to obtain account statements and make various payments. This all leads to breakdowns in the business logic between the systems, making it difficult for the bank to work efficiently in creating new products and services. It was decided to move to a single system that would unite everything - both acquiring and issuing - in one core. OpenWay’s WAY4 solution was chosen as this system.

The OpenWay solution supports a large number of transaction types: both those that are made directly through payment systems and those that are not regulated by payment systems, and which are the majority in the Bank’s business. Moreover, OpenWay is tried and true on the Russian market and we often use the experience of other banks when implementing – this guarantees reliability and quality client service. Also, WAY4 is scalable, which is very important to us, as a fast-developing bank. 

How would you assess the technological partnership between the Bank and the vendor? What does its success depend on?

In Russian banks, technology to implement new functionality and offer new products is developing rapidly in order to retain existing clients and attract new ones. This means that OpenWay, like any other successful vendor, is often a trailblazer in innovation and this involves a high workload. In implementing new functionality for the demands of business, OpenWay does not always have the necessary experience, but we also don’t always have this experience in something new either. However, the bank's practice of implementing innovations jointly with the solution vendor in past years has shown that together we can carry out even the most complex projects. Of course, this creates a dependency of the Bank on the vendor. And this dependency is present in our Bank also. 

At the same time, we have quite broad capabilities provided by the solution vendor. For example, we independently created all issuing products for the Universiade, using OpenWay tools. We practically didn’t contact the developer, basic consultation was enough. For example, the WAY4 Product Inspector allowed us to build credit product portfolios on our own.

I think each party should do what it does best: the vendor should create good software, the bank should offer clients services based on these products. This kind of relationship promotes our common business.

How do you see the development of processing as a whole? Until recently, the concept of an Internet or mobile banking didn’t even exist. Do you think “classic” banking on its way out?

It’s true, several years ago, there was only one standard for cards. But now the boundaries of card use are really fuzzy: there are virtual cards, NFC, and watches, for example. It’s easy for a card to simultaneously be a wallet and an ID card and a transportation pass. That said, the core and the platform on which relations between the bank and client are built remain the same. And consequently, the solutions offered by the vendor will continue to work. Processing is being modernized, new products are being created. But, of course, remote channels are coming into their own. People are essentially lazy and if they can stay on the couch, they will. I think that the next popular tendency in remote banking service will be automatic payments. They make it possible to manage but not to trace basic expenses – housing, phone, petrol… This will all be paid automatically and all cardholders have to do is create templates, or have someone do it for them. As far as I can see, the client is interested in remote banking services becoming a system for financial management.

On the topic of processing modernization, you probably mean technological migrations. Have you undergone migrations with your vendor?

The very first and longest migration was to EMV processing. At that time, in addition to modernization of the core and software, we had to replace and modernize the terminal network and this process included certifying the solutions of vendors supplying devices and software for these solutions. 

Next, in preparation for the Universiade, we migrated the ATM controller to WAY4 since we needed to support additional functionality for a significant number of ATMs in Kazan. And now we are completing the migration of the remaining devices and fully going over to the WAY4 single platform. Moreover, together with OpenWay, we are significantly expanding our Web banking capabilities: for all intents and purposes, we’ve built a new one, only taking best practices connected with client preferences from the old one. 

What is the “old” Web banking? 

We used the Web banking of one of the most widespread vendors in Russia and were totally satisfied with it, but we began to find we were missing existing tools that are widely available in OpenWay. We are talking about various additional balances, statement types, work with limiters, templates and much more requiring significant integration expenses if a third-party solution is used, but are easily resolved when using OpenWay Internet banking. On the basis of Web banking, we also plan to develop mobile banking: we will definitely release a client application. 

We’ll be honest: all vendors are interested in the further penetration of their products in the bank. What may be the next step?

I’ve already noted automatic payments, for which there may already be mass demand in the near future. It’s possible that the resources of large integrators may start to be used, which would allow information about client payment requirements to be united in one place. For example, today many payments are processed separately: some companies process utility payments, others, communications services, and possibly, the bank will need an integration pool for a specific client. This will assist both parties: the bank in collecting all the client’s payments and balances and the client, in managing his financial history. Gradually the need to physically come to the bank will disappear, but the financial institution will remain in the life of the client. 

One way or another, the majority of consumer activity is connected with money – planning vacation, purchases, payments and more. And in the battle for the client, the bank that can perceptibly save not only the client's money but time, will win. 

In conclusion:

When I’m asked what the card business should expect in the future, the communication service business comes to mind. The first time I came to a telephone exchange, there were all sorts of wires going from the exchange in different directions, telecommunications racks taking up entire buildings. Not much time has passed, but there is no longer any need for these huge buildings: the exchanges themselves use relatively small facilities and communications providers offer clients more than just voice communication services. 

The card business is similar – it’s not only a service for withdrawing cash at ATMs but also a myriad of other financial services based on remote channels. And, possibly, the big buildings occupied by banks today won’t be needed any more, and a client going into a bank office of the future won’t see any people there: remote services offered by the banks will be sufficient.

Speeding up Profit with Contactless

Bank Audi: Speed Wins

The Bank Audi group believes is that when it comes to banking, it's no longer size that matters, but speed. Therefore, Bank Audi maintains a strategy of innovation and strategic partnership with innovative companies:

  • The group is a key partner of international payment systems in the region and is on the board of directors of MasterCard Worldwide in the MENA region.
  • The company uses an innovative processing centre in Lebanon that is built on OpenWay's WAY4 system and services all the countries where the group has a presence.
  • The group is a market pioneer and leader thanks to its innovative approach to creating product portfolios. While the majority of companies are striving to optimise products by reducing assortment, Bank Audi manages 45 products, all of which are highly profitable due to accurate client segmentation and tuning products to the requirements of each segment.
  • The group's clients are the first to get access to in-demand developments in business and technology such as mobile banking, e-commerce and now contactless technologies.

Why Contactless?

Bank Audi sees contactless technologies as the next step in development after the card chip. Over the past few years, competition on the market for bank services has increased, especially in the payment card segment. One possible competitive advantage is to provide clients with a new user experience that will retain existing and attract new clients.

Another important characteristic of contactless is that it allows new acquiring segments to be opened, attracting merchants that didn't accept cards before (such as fast food restaurants) and increasing card turnover due to cashless purchases at such merchants.

How Is It Implemented?

The most difficult and expensive element of any project related to contactless cards is to build the acceptance network. Therefore Bank Audi made an initial analysis to identify key merchant categories for which the acceptance of cards with a contactless interface could be critical both in terms of client service and competitive advantage:

  • Supermarkets
  • Fast food restaurants
  • Drugstores
  • Retail networks
  • Filling stations
  • Cinemas
  • Bookstores
  • Parking

1. Working with merchants

At the first stage of the project, the group began to work with 3 thousand merchants from the selected categories. These merchants already include such well-known brands as McDonald's, Nike, Vero Moda, and ALDO. One of the most important elements of this success was the well thought out training of both bank and partner merchant employees. Not only did it include teaching customer service techniques according to the new technology, it more importantly explained which new benefits it provided for the merchant:

  • Speed and convenience: since transactions take place faster, client satisfaction increases and lines get shorter.
  • Branding: merchants emphasise their image as high-tech companies, increasing client loyalty.
  • Costs are cut both for merchants and clients since the majority of transactions are made without cash.
  • Increase in revenue: now clients can spend more using contactless credit cards.

2. Branding

Together with its partners, Bank Audi made their devices for accepting contactless cards stand out, calling attention to the opportunity for contactless payments. Contactless terminals were supplied with special branded blocks and posters with "Tap2pay" and the MasterCard PayPass and bank logos were placed nearby:

Bank_Audi.png
Bank_Audi1.png

3. Issuing co-branded credit cards

Perhaps the most interesting aspect of this project is a co-branded credit card with the ABC shopping centre. The largest and most popular shopping centre in Lebanon, ABC represents the majority of merchant categories selected for issuing products with contactless technology: parking, fast food chains, cafes, cinemas, brand retail stores, and bookstores.

Bank_Audi4.png
  • Welcome gift: the Platinum card provides a welcome voucher with 15% discount welcome voucher, the classic card – 300 welcome points. Both cards give 2 free entries to the shopping centre's game zone.
  • Fashion Experience: for each $300 spent on the cards, the cardholder can attend a fashion show.
  • 1,000 welcome points as a gift for the first three months of using the card.
  • Privileges from Galeries Lafayette Paris Haussman: 10% discount on ABC credit card purchases in addition to a 12% tax return, and an invitation to a weekly fashion show.
  • Personal marketing: personal offers, exclusive promotions and events.
  • Birthday: points and gifts.
  • Free delivery of purchases: for purchases over $550 at ABC.
  • Free parking.

4. Innovation needs innovation

Competition in quality service and efficiency requires Bank Audi to quickly adapt innovations. That's why the group chose OpenWay, the WAY4 system vendor, as their strategic partner. OpenWay plays a leading role in the new technological and business environment requiring a flexible, reliable and scalable payment ecosystem.

To meet the high demands of its clients and to profit from new business opportunities and IT, Bank Audi uses the WAY4 processing platform. This is a functional and reliable system that includes an operational component, and tools for authorisation and accounting, making it possible to flexibly and quickly respond to the bank's needs. 

WAY4 serves Bank Audi's technical requirements in issuing and processing payment card-based products and makes it possible to implement the latest innovations such as mobile payments, electronic wallets and contactless technology. It supports the bank's strategy on the technological level, allowing IT to work for business and quickly put new business ideas into action. 

Result

Bank Audi was able to provide its clients with comfortable service on a new level. The project was implemented in October 2012 and already in January 2013, 4 months after implementation, the number of credit cards had increased 10 times from the first month, up to 5000 and this number is continuing to grow. 50% of all purchases made with Bank Audi cards at the ABC shopping centre are contactless card purchases.

Bank_Audi5.png

What's next?

Based on this positive experience, Bank Audi plans to develop the contactless card acceptance network; expanding the line of debit and credit products offering a fast way to pay. The Bank is implementing NFC, which means in the near future, clients will be able to take advantage of contactless payments using their mobile phones.

Oschadbank and OpenWay Certify payWave and PayPass Contactless Acquiring in Record Time

One of Ukraine's largest banks, the State Savings Bank of Ukraine (Oschadbank), with the active assistance of OpenWay, has successfully completed certification of acquiring for new contactless payWave and PayPass functions.

OpenWay, a leading international developer of software solutions for issuing and processing payment cards and electronic money, and Oschadbank, one of Ukraine's largest banks, have successfully completed a project to certify Visa payWave and MasterCard PayPass contactless card acquiring. The project was completed in record time; the Visa payWave case was accomplished in less than one calendar month in the spring of 2012. Following this, the MasterCard international payment system also confirmed Oschadbank's full compliance with the requirements of PayPass technology.

During the entire certification period, OpenWay provided Oschadbank technical and consulting support. 

"We are gradually moving away from the image of an old-fashioned bank. We are now focusing on offering our clients high-tech services. Oschadbank is definitely interested in the innovative development of cashless payments in Ukraine and is constantly working in this direction. Thanks to the certification of new contactless payWave and PayPass acquiring functions, our clients get access to a European level of services distinguished by high quality, convenience and security," comments Anton Tyutyun, Oschadbank's deputy chairman of the board.
"We began to work with Oschadbank quite recently, but in each new project the bank has demonstrated creativity, flexibility and agility rare for a large financial organisation. We are very optimistic about the further development of Oschadbank's card business," says Mikhail Alexeev, the director of business development in Eastern Europe and Central Asia, OpenWay.

At the present time, the bank is actively expanding the contactless payment acceptance network across the entire Ukraine. 

According to Anton Tyutyun, "2012 was extremely important for us in terms of developing our card business. In March, the bank opened its own processing centre based on WAY4, which significantly increases our opportunities to offer new quality products and services. From 2012-2015, Oschadbank intends to more than double its payment card issuing volume – from 1.8 million to 5 million, as well as to significantly expand the POS terminal network."

In 2012, Oschadbank plans to begin a project for issuing contactless cards on the basis of WAY4.

Oschadbank

The Public Joint-Stock Company “State Savings Bank of Ukraine” is one of the largest financial institutions in Ukraine, having the most extensive branch network in the country. Oschadbank is the only Ukrainian bank that enjoys the unique state guarantee on all retail deposits. JSC “Oschadbank” is the most reliable bank according to the “Korrespondent” magazine and the investment company “Dragon Capital” and also holds its leadership in deposit reliability rating according to the Internet-magazine “Real economy”.