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Contactless mobile payments via mobile – no additional passwords

Contactless mobile payments via mobile – no additional passwords

For the first time on the Russian market, MDM Bank, one of the largest private banks in Russia, has launched single-tap Mastercard Contactless mobile payments with no additional passwords.

Using the MDM Bank mobile app, customers can now pay from their Mastercard account with

Contactless mobile payments

Contactless mobile payments via mobile – no additional passwords

no need to enter a PIN-code or additional app password or even to activate the application before payment.

Customers simply unlock their phone and tap it to a contactless reader to pay. The service is based on the solutions by Mastercard and OpenWay, a recognised leader in software for bankcard issuing and acquiring, payment switching, digital banking services and omni-channel payments.

Consumers can now choose how they pay with their mobile phones: with or without a mobile PIN. The new PIN-less service is available to MDM Bank mobile banking customers, who have smartphones running Android 4.4 and higher with NFC support. The application also works on phones unlocked with fingerprint sensors.

“Currently only a few banks in Russia have implemented contactless payments via smartphone with HCE technology,” says Pavel Mikhalyov, director of the development of mobile services department, MDM Bank.

“MDM Bank’s solution allows clients to make purchases without starting the app and without the device being connected to the Internet. HCE technology allowing contactless payment is going to be everywhere: to pay for public transportation, as an access pass for work, school or university, and trends in the development of mobile payment services will only help spreading HCE technology.”

MDM Bank’s contactless mobile payments functionality is based on WAY4 Host Card Emulation (HCE) technology developed by OpenWay. This universal solution allows issuers to independently issue mobile version of cards and store clients’ financial information in a protected format (tokens) on the bank’s servers.

OpenWay offers a white label application for tokenisation, which the banks can brand with their corporate colors, or use off-the-shelf. In addition, OpenWay develops a new solution that allows a bank to serve mobile tokens from other service providers (Apple Pay, Samsung Pay, Android Pay etc.) in its own, branded, mobile app.

The post Contactless mobile payments via mobile – no additional passwords appeared first on Payments Cards & Mobile.

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