Azerbaijani card processor AzeriCard is bringing cardless ATM withdrawals to the country with the help of software firm OpenWay.
The pair are improving the mobile banking offering with the WAY4 Cash By Code technology, which generates a code on a phone, allowing people to obtain cash without a plastic card. It also works as an instant money transfer method to recipients who do not have a bankcard.
A Cash By Code option has been added to the menu of 1,300 ATMs all over Azerbaijan and is reducing the risk of skimming.
The mobile banking solution works on iPhone, Android and BlackBerry smartphones, as well as on Java-enabled feature phones.
Upon receiving a code the amount is blocked for 24 hours and users can take out money themselves or send the code to another person for money transfer. If no withdrawal happens in that time, the amount on the card account is unblocked automatically.
Customers can initiate an earlier unblocking should they choose to and this will be valuable in cases of a lost or compromised code.
By Asim Shah