August 12 - Card processing company AzeriCard and payment industry software provider OpenWay have introduced a mobile banking service based on Way4 Cash By Code technology from OpenWay Group. The service allows bank customers to withdraw cash at an ATM without a card.
To use the service, customers simply enter a desired transaction amount in the Cash By Code app on their phones and select their preferred card and currency from a list.
The amount of the transaction is blocked on the selected account for 24 hours, and the phone displays a unique code. This code can be sent to another individual for card-free cash transfer.
If the code is not used within 24-hours, funds on the card account are unblocked, and the transaction is voided. The customer can initiate earlier unblocking in a case such as a lost or compromised code.
"Implementation of WAY4 Cash By Code On Mobile was a logical and important step towards the multifunctional mobile wallet service," said Anar Sultanov, managing director of AzeriCard. "Our clients can initiate Cash By Code operations on ATMs, and soon they will be able to do so via Internet banking," Sultanov said.
Every month since January, more than 600 new users from 12 Azerbaijani banks have activated mobile banking with Cash By Code. The option has been added to the menu of 1,300 ATMs in Azerbaijan, OpenWay said.
Cash By Code is available as an app for iPhone, Android and BlackBerry smartphones, as well as Java-enabled feature phones.