New opportunities with the mobile wallet of FIS based on QR codes
Mobile payments become popular around the world. Many banks and financial institutions create special applications for smartphones due to which clients can make transactions by means of their mobile devices. The American company FIS has developed the system called Paydiant, which uses capabilities of QR codes for conduction of secure bank operations.
Paydiant is an add-on for applications, which is used by banks for conduction of mobile payments. The system is fully integrated into the program for smartphones of the certain financial institution. In such a way, banks get additional opportunities by means of QR codes and at the same time all individual and special functions and services that the application contains remain there.
The system of mobile payments implies conduction of bank operations whether it is payment for goods and services or transaction of money, or withdraws of cash without using plastic card. All that the user needs to do is to install the application offered by his bank to his smartphone and to connect his bank cards and individual accounts. If the add-on Paydiant of the FIS company has already been integrated into the application, clients of the bank get additional opportunity—conduction of transactions by means of QR codes. This method provides security of user’s money and his personal data. All that is necessary to do for making a payment is to scan a QR code that was generated at the display of the ATM or at the printed out receipt. In such a way, a client of the bank confirms the bank operation without entering confidential information, whether it a password, a name or a phone number.
Developers of the company FIS improve their system Paydiant with the use of QR codes constantly, and due to their work there are more features and opportunities in the sphere of mobile payments. Thus, for example, clients of the bank have got an opportunity to pay their bills independently, without visiting financial institution and without using ATM. Many enterprises and municipal services have started printing unique QR codes on their payment receipts, which contain the information required for conduction of payment. A user initiates the mobile application of his bank with the add-on Paydiant and scans a QR code. Then he chooses the account, from which he will take the money and confirm the payment. This method helps saving time required for visiting of the bank and reduce queues near ATMs.
Also due to QR codes there is an opportunity to withdraw cash without using plastic cards in the system Paydiant. For this purpose a client of the bank needs only his smartphone and the ATM capable to generate a QR code. Initially a user chooses the sum in the menu of the ATM, which he would like to withdraw, then at the display appears a QR code, which it is necessary to scan with the help of the application with the Paydiant system and confirms the transaction. In such a way, a client of the bank gets cash without using a PIN code of his card, which allows protecting him from swindlers. Due to QR codes all operations are conducted in the protected virtual space, which is hard to hack or damage.
Besides using QR codes for conduction of bank operations the add-on Paydiant offers a user to create several virtual accounts, to conduct a control of his costs and monitor the history of transactions. Clients of the bank can also timely learn about special and profitable offers of their bank and its partners.