The FINANCIAL -- At Mobile World Congress, MasterCard and OTP Bank Hungary announced the introduction of OTPay, the first digital wallet in Europe to leverage the application programming interface (API) of MasterPass, according to MasteCard.
This application is customized to the unique needs of the OTPay customer, making the online use of payment cards easier and more comfortable for cardholders. OTPay will provide consumers a new way to pay online, as well as creating options for bill payment, prepaid top up and person to person transactions.
The OTPay mobile application will be available for download not only for OTP Bank customers, but for clients of other banks too. The application will allow cardholders to shop and pay at over 30,000 MasterPass accepting merchants around the world. The application was developed by Cellum, the Hungarian company group known for delivering mobile payment solutions with banking-grade security, also a developer of a MasterCard Mobile solution, which has been running for more than two years.
"OTP Bank has been a leader in the adoption of new technologies in the payment industry for many years," said Péter Forrai, Managing Director of OTP Bank Electronic Banking Directorate. "Recently we have realized a growing demand for mobile payment solutions, which not only provide a high level of comfort and security for the customer but are also open to accept cards from different schemes and even functions. These were the main objectives why we decided to adopt MasterCard’s global digital platform as MasterPass™ provides international shopping opportunities to our customers," he added.
After consumers have downloaded the OTPay application they can register several payment cards within the application including MasterCard, Maestro and other payment brands. Cardholders can use their mobile device to manage transactions. During check-out card details will be applied automatically, other relevant information such as delivery address can also be selected. Following this step the cardholder is directed back to the merchant page to place the order. Confirmation of the payment will be received automatically.
"We are very proud that OTP Bank, the largest retail bank in Hungary decided to integrate MasterPass as a major global platform for their remote mobile payment application. This has been a strategic decision from the bank within a process while they were searching for a solution with the most potential for future use," said Endre Eölyüs, Country Manager for Hungary and Slovenia at MasterCard.