Turkish financial institution Isbank has upped its game. In the same week it has announced the launch of two innovative mobile banking products : cardless withdrawals via a mobile phone, and QR code payments at the point of sale.
The second announcement was made in partnership with Ingenico, with whom it launched Parakod. The Parakod application was developed by SoftTech, affiliate of Isbank. It enables Isbank’s customers to make payment with their mobile phones without using their credit cards at stores equipped with Ingenico payment terminals.
The users are not required to place extra equipment on their phones nor change their SIM cards. They just need to download Parakod from the IÌ‡sÌ§Cep (IÌ‡sÌ§Mobile) application and select the credit card they want to use. After confirmation of the intention of paying via Parakod, the card is selected and a QR code on the POS screen is read by the camera of the mobile phone. The transaction is then approved via the mobile and finalized with the entry of the PIN code of the selected card on the POS terminal.
Nevra ToktasÌ§, Isbank Card Payment Systems Department Manager, stated: “IsÌ§bank is the first Turkish bank to develop a solution based on a QR code enabling a payment with a mobile phone. Parakod is a major innovation in payment as this application provides the users with a secured mobile payment means without having to carry a credit card.”
But the bank’s innovative offerings do not stop here. Isbank customers now have access to a service which allows them to use ATMs without the need for a card. In order to withdraw money without card, you need to be a user of i-key, Mobile Key, Bio-identity, or Avea or Turkcell Mobile Signature user. Customers can use a variety of methods to withdraw money using their mobile phones. At some of these ATMs customers are also able to withdraw and deposit money in other currencies such as euros and dollars.
Isbank has surpassed many European banks in its offerings and is one to watch in 2013 when it comes to payments innovation.