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Garanti BBVA Launches QR Codes For Business Banking Transactions

QR codes, Garanti BBVA, Istanbul, Turkey, banking, payments, digital banking, cashless transactions, cardless, news

Garanti BBVA has rolled out a QR code service to facilitate transfers and cashless, cardless deposits and withdrawals for businesses, the company announced in a press release Thursday (Dec. 19).

The new feature is on the Garanti BBVA corporate mobile app. Customers can click on the QR transactions option and use their smartphone’s camera to scan the code. No cards or account numbers are needed.

The QR code can be used by business customers to quickly send and receive money. QR code recipients can send a payment by scanning the QR code in the app and finalizing the money transfer. There is no need to enter an IBAN number.

“At Garanti BBVA, we continue to implement innovations to make our customers’ lives easier,” said Didem Dinçer Başer, executive vice president of Garanti BBVA. “Consumer customers have been able to use QR codes to make cash withdrawals, deposits and transfers. We have now rolled this functionality out to corporate clients. We are always adding new features to the Garanti BBVA Corporate Mobile app in order to help our business customers manage their businesses.”

A financial services company based in Istanbul, Turkey, Garanti BBVA was established in 1946 and is Turkey’s second-largest private bank with consolidated assets of nearly $84.3 billion as of June 30, 2018, its website indicates.

In other QR code news, the Alibaba Group said last month that it is planning to invest about $21 million in a milk delivery startup that uses an SMS or QR code to allow people to pick up orders from nearby refrigerators.

Shanghai-based startup Tianxianpei is an online-to-offline (O2O) milk delivery service owned by Mengniu Dairy. Alibaba said it will invest about 150 million yuan ($21 million) into the company before the end of next year for about a 50 percent stake. Once the transaction is complete, Mengniu Dairy will also hold 50 percent of shares.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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