AzeriCard, an Azerbaijan-based card processing firm, has announced a partnership with software firm OpenWay to develop a mobile wallet, reported Banking Technology. The partnership aims to design a mobile wallet that will allow consumers in Azerbaijan to withdraw money from cash points with their mobile phones. The service will also allow users to make money transfers without the need of a bankcard.
The decision to develop a mobile wallet came as a result of the Azerbaijan market's high mobile penetration rate.
“This money transfer scheme is not limited to ATMs and has much potential for other self-service channels,” said Anar Sultanov, managing director of AzeriCard to Banking Technology. “Our clients can initiate Cash By Code operations on ATMs, and soon they will be able to do so via Internet banking."