What is QR-Pay?

QR-Pay is a solution that allows users of a bank’s mobile app to withdraw cash from an ATM without using a card.

To use the service, the user scans a QR code generated at the ATM using the bank’s mobile app. Then select the amount and currency of the transaction and the required denominations of bills in the application. After the user confirms this data in the app, the ATM generates a one-time password, which the user enters in the app on his cell phone – and then the ATM dispenses the required amount.

This scenario is the most widespread but not the only one and can be changed according to the bank’s requirements.

The QR-Pay solution allows implementing ATM cash withdrawal with the help of the QR code without interfering with the work of the processing center. The data contained in the QR code generated at the ATM is encrypted and cannot be read by a third party application for scanning QR codes.

The important advantage of QR-Pay is that it doesn’t require any additional equipment (scanners of QR codes and other peripheral devices). In addition, QR-Pay allows you to withdraw money from an ATM without contact, eliminates the need to always carry a bank card, remember the PIN code from it, etc.

Payments.iQ to expand ATM functionality

QR-Pay solution can be implemented on ATMs using Payments.iQ software platform, which provides the possibility to manage self-service banking devices. Payments.iQ is a full-fledged software solution for organizing receipt of payments and sale of any types of electronic goods and services via ATMs and other self-service banking terminals.

Payments.iQ does not require any time consuming and expensive integration procedures for ATM cash withdrawal and can be implemented in a short period of time. In fact, the solution can be easily adapted to the specific needs of a financial institution. Due to flexibility of Payments.iQ solution, different scenarios of cash withdrawal and other services with or without QR code can be implemented for users of banking mobile applications:

• Cash deposit
• Money transfers
• Payment for any types of electronic goods and services
• Utility bills (duties, fines, and taxes)

Payments.iQ software platform provides a set of tools for accounting of transactions, preparation of reporting documentation, automation of retail banking activities and management of networks of self-service banking devices.