Cellum News

New Cellum-designed mobile wallet open to adopters, tightly shut to fraudsters

otpay

Earlier this year we gave you a preview of a new product Cellum was working on with Mastercard and leading Central European banking group OTP. Called “OTPay,” the mobile wallet was the first developed for the European market incorporating MasterPass™, the global card scheme’s pioneering e-payment system. As of this week the product is live and in use, becoming the first broad-based integrated mobile wallet to be deployed in the Hungarian market.

Several things are notable about OTPay.

First, despite its branding, the app can be used by anyone, rather than just clients of Hungary’s dominant bank. “OTPay is to date the most open mobile payment scheme in Hungary,” said Péter Forrai, who heads up OTP’s electronic banking division.

At the same time, the ubiquity and credibility of the OTP brand in the country is expected to speed adoption by both consumers and merchants. (Clients of OTP Bank can also use OTPay for account balance queries, peer-to-peer money transfers and similar functions.)

Then there is the high level of convenience in both in-store and remote use cases. In stores, restaurants and other physical locations where OTPay is accepted, users scan QR codes at the point of sale terminal to perform transactions. Meanwhile, for payment on OTPay-enabled webshops the customer only needs to provide their phone number, rather than bank card details. And in addition to such use cases, the app can be used for prepaid card top-up, donations and similar tasks with equal ease.

This level of convenience extends to merchants, who are spared the expense of contracting fees and special POS terminals.

Finally – and most important – the app decisively addresses the concerns of local customers and merchants over security. Cellum’s patented card vault technology provides the highest, banking-grade security available, and frees users from having to ever hand over their complete card details to merchants – which also frees merchants from the liabilities inherent in possessing cardholders’ data.

“We have been hearing ever more frequently of cases where cybercriminals compromise merchants’ traditional card storage systems and steal customers’ card details, damaging hundreds of thousands of cardholders,” said Balázs Inotay, Cellum’s founder and chief visionary. “These cases highlight how the increased security of mobile payments can benefit users.”

2 thoughts on “New Cellum-designed mobile wallet open to adopters, tightly shut to fraudsters

  1. Pingback: Driving mobile wallet use the OTPay way (VIDEO) | MOBILE PAYMENTS BLOG

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