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OpenWay rolls out hygienic payment solution for distributing financial aid

Wednesday 20 May 2020 07:58 CET | News

OpenWay, a digital payments software provider, has launched a new payment solution called Way4 Social Cards that digitalises distribution of social benefits.

Recently, governments, financial institutions and social program partners around the globe have been examining digital card solutions as means of dispensing welfare and relief payments. The world health crisis has increased demand for contactless, P2P, and other cashless transactions due to hygiene concerns.

Way4 Social Cards is a a real-time and customisable software solution especially for governments, card issuers, and merchant acquirers to deliver financial aid to corporations and individuals. Using this solution, financial institutions working together with governments can issue and accept any kind of welfare payment card – virtual and plastic, credit, debit, and prepaid.

Social cards eliminate paperwork and queues since beneficiaries receive the money instantly in their accounts. The issuer can restrict purchases to certain stores or to certain goods to regulate consumption behaviour. Way4 processes the beneficiary’s shopping cart in real time and applies special discounts to selected items or declines the purchases of non-subsidised items.

Furthermore, since purchases are analysed on the product level (Level 3 data processing) and any discounts are automatically applied, there is no need to use separate cards for subsidised and non-subsidised items. This brings Way4 Social Cards closer to the function of a regular bank card.

Also, beneficiaries can use their smartphones to make contactless payments since cards can be tokenised and stored on a mobile app. Beneficiaries in the same family can get subsidised funds to each other via P2P transfers, which may be enabled and limited to specific groups. As for issuers participating in social welfare programs, with Way4 they have a single platform for clearing, settlement, and reporting on all social card transactions.

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Keywords: P2P transfers, contactless, cards, social card transactions, payments, product launch, payment card, virtual and plastic, credit, debit
Categories: Payments & Commerce | Cards
Countries: World
This article is part of category

Payments & Commerce