May 13, 2014
In February 2014, OTP Bank Hungary announced the launch of a new digital wallet to enable cardholder to pay at 30,000 MasterPass accepting merchants around the world. A few days earlier, OTP Bank began rolling out this new service - OTPay – in collaboration with MasterCard and Cellum.
OTPay is the first to bring in-store mobile payments to Hungarian users. It is essentially an integrated mobile wallet for smartphones. OTPay was developed by Cellum Group, in accordance with MasterCard's standards for mobile payment systems. OTP Bank is responsible for the financial aspects of the service.
'We have been hearing ever more frequently of cases where cybercriminals compromise merchants' traditional card storage systems and steal customers' card details, damaging hundreds of thousands of cardholders. These cases highlight how the increased security of mobile payments can benefit users.' The noted specialist pointed out that through the use of OTPay payment data is encrypted and sent to the bank's system without passing through the merchant, thus the solution provides a much higher degree of security for the user, while taking a large burden off the merchant's shoulders. We're on the verge of some really exciting changes, Founder and Chief Visionary of Cellum, Balázs Inotay, told BBR. We've never been this close to the U.S. or Japanese markets in terms of mobile payments. We're technically letting anyone pay anywhere using a smartphone. This opens a new chapter in the evolution of mobile payments in the region.
'OTPay is to date the most open mobile payment scheme in Hungary. The application isn't only for clients of OTP Bank, anyone can register any of the most popular bank card types. Besides in-store and online payments, clients of OTP Bank can use it for peer-to-peer money send and account balance query. Furthermore, the app can also be used for prepaid card top-up and donation,' Péter Forrai, Managing Director of OTP Bank's Electronic Banking Directorate, told BBR. Regarding plans for the future, he added: 'The service will be expanded with new functions in the future, such as payment with MasterPass at over 30,000 merchants worldwide, as well as payment of OCR-enabled checks and in-app catalog orders.'