AzeriCard, an Azerbaijan-based payments processing company, has joined forces with payment software provider OpenWay to improve its mobile payments offering.

The joint venture, ‘WAY4 Cash By Code’, will allow mobile users to withdraw cash from an ATM or instantly transfer money without a card. A ‘Cash By Code’ option has been added to 1,300 ATMs in Azerbaijan.

Banks signed up to the scheme include the International Bank of Azerbaijan, AGBank, Bank Respublika, Bank Technique, Nikoil, Parabank, Turan, Amrahbank, ATA Bank, Silk Way bank, Bank of Azerbaijan and Xalq bank.

The solution is open to iPhone, Android and BlackBerry smartphone users. A mobile banking menu allows the user select the account to access and which currency to use.

Customers are provided with a ‘cash code’ on their smartphone, which can either be inputted to an ATM machine or sent to another person for them to receive funds.

As a security measure, the code expires if no withdrawal is made within 24 hours.

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Anar Sultanov, managing director of AzeriCard, said the partnership was an important step in the company’s mobile wallet service. "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," he said.

"This money transfer scheme is not limited to ATMs – our clients can initiate Cash By Code operations on ATMs, and soon they will be able to do so via Internet banking," he added.

AzeriCard said it expects the mobile banking system will attract 600 new users each month.


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