The service supports MasterCard cards and will be expanded to Visa cards later in 2016. The solution was developed on the WAY4 platform by OpenWay, a software provider for bankcard issuing and acquiring, payment processing, remote banking services and financial transaction routing.
To start using the service, Priorbank customers download a special app to their phones and create mobile version of their bankcard. The card in the phone can be used for payment in shops, restaurants and anywhere POS terminals supporting contactless payment technology are installed.
The WAY4 HCE solution allows issuers to independently issue virtual cards to client mobile phones and store encrypted card data on bank servers. The service can be used anyone who has a phone with NFC support, running under Android KitKat 4.4 and higher.
Moreover, OpenWay has created a set of developer tools, WAY4 HCE SDK, so banks can build WAY4 HCE into their own mobile applications (for example, mobile banking apps operating on WAY4 or another platform).
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