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- Summary: ParaMara is a cards-based digital wallet for NFC contactless purchases and P2P payments on mobile devices. ParaMara is operating in Turkey only and was launched in May 2014 by ING bank. ParaMara also enables users withdraw money without their cards from ING ATMs and buy digital gift cards (Spotify, Steam etc.)
- Website: http://www.paramara.com.tr/
- Status: Live
- Market: Turkey (May ’14)
- Type: Single Bank
- Ownership: ING bank
- Functions: Retail payments, P2P
- Payment Mode: Cards based
- Channel: POS via NFC
- Roadmap: Upcoming features within 3 months are as follows: TaksitMaksit Loan Application, Bölüşelim mi? Money Sharing, ParaMara Prepaid Card, İzmirim Card integration [/otw_shortcode_content_toggle]
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- Registration & set up: App is available for iPhone, Android or Windows Phone smartphones. User must be older than 18 years old due to regulations. Users add a credit or debit card within the app or generate a virtual prepaid card to use the app. Mobile devices that support Android 4.4 or higher operating system and has the NFC feature can utilize HCE contactless payments.
- Making a payment: Contactless payment initiated by physically tapping the phone on the contactless terminal. App does not need to run at the background for the payment to take place. For transactions under TL 50, there is no need for an additional PIN entry at the POS. [/otw_shortcode_content_toggle]
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- Merchant perspective: ParaMara does not directly in contact with the merchant. Merchant in possession of an NFC featured POS machine is sufficient.
- ParaMara contactless was developed in compliance with Mastercard Cloud Based Payments specifications.
- Each transaction is secured by singe use keys (SUK).
- A handset can have maximum of 50 SUKs at a time.
- When SUK count is less than 20 it is automatically replenished to 50.
- During payment below 50 Turkish Liras there is no need for customer validation such as pin on the terminal, finger print etc. (50 TL is Turkish domestic limit, in another country it may change)
- A customer can make transactions up to cumulative total of 250 TL without customer validation (provided that each single transaction is below 50 TL)
[otw_shortcode_content_toggle title=”Business Model” opened=”closed”]
- Strategy: Creating a user friendly digital wallet that will enable users to complete their high frequency micro payments.
- Payee fee: No charge for merchants.
- Payer fee: No charge for consumers, with the exception of sending money with ING credit cards. [/otw_shortcode_content_toggle]
[otw_shortcode_content_toggle title=”Performance Data” opened=”closed”]
- Launch date: Turkey (May ’14)
- Closed Date: N/A
- Users: 120K (3 months active)
- Retailers / merchants: Digital Code Sales (Steam, Spotify, Facebook etc.)
- Transaction volume: TL 68.4 mio (2016)
- Transaction value: € 18.4 mio (2016 – calculated w/ 31 Dec. exc. Rate 1 € = 3.71 TL )
- Other data points: 242 K transactions [/otw_shortcode_content_toggle]
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- Name: N/A
- Address: N/A
- Email: N/A
- Phone: N/A[/otw_shortcode_content_toggle]