iPayst

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Summary: iPAYst is a cards-based digital wallet for in-store (via QR-code) and online purchases on mobile devices operating in multiple markets and launched in 2010. iPAYst has been developed by the German company UMT AG.
Website: http://www.ipayst.es/
Status: Live
Market: Spain (Mar-15)
Type: Other
Ownership: UMT AG (in Spain is serviced by Banco Sabadell)
Functions: Retail payments only
Payment Mode: Cards-based
Channel: POS via QR code, WEB
Roadmap: n/a [/otw_shortcode_content_toggle]

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Registration & set up: Registration process is done through the app, which is available on App Store and Google Play. User adds a card within the app. Several cards can be added (Update to follow – Further information being obtained)

Making a payment: User scans the code on the purchase receipt. Authenticate with PIN code. Internet access is required. App must be open [/otw_shortcode_content_toggle]

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Merchant perspective: Payment is made once a week via SEPA transfer (Update to follow – Further information being obtained)
Security: UMT assures that the data protection is guaranteed, since the data isn’t stored on the phone, but on an external server. “The data entered by the user in the application are stored on a server with five levels of security and PCI (Payment Card Industry) certification level 2” [/otw_shortcode_content_toggle]

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Strategy: “The result was the strategy of not marketing our “iPAYst” payment platform exclusively under our own label, but instead convincing our business partners in retail and e-commerce to make use of UMT’s iPAYst technology in implementing their own very different and entirely valid customer relationship and payment methods, as part of a “white labelling” arrangement.”
Payee fee: The fees are agreed between Banco Sabadell (in Spain) and the merchants
Payer fee: No charge for consumer [/otw_shortcode_content_toggle]

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