Moldindconbank in partnership with the global company OpenWay Group launched a cash payment service called WAY4 Cash by Code, IPN has learned from bobsguide.com. This service makes it possible to receive cash money transfers at ATMs without the need for a plastic card.
The service works as follows: the sender specifies the transfer amount, the currency and the recipient's mobile telephone number. WAY4 automatically generates a code consisting of two parts: the first is printed on the ATM receipt and the second is delivered by SMS message to the transfer recipient. The cardholder then shares his or her part of the code with the recipient.
Having this information, the recipient may withdraw the specified amount at any ATM of the bank. To increase the security the validation period is strictly limited: if the amount is not withdrawn within 24 hours, the money is automatically returned to the sender's card account.
According to OpenWay Group, before Moldova WAY4 Cash by Code has been successfully implemented in Azerbaijan and Kenya.
