Ingenico and Isbank launch a new payment solution in Turkey

Parakod

Ingenico, a provider of payment solutions, have announced the launch in Turkey, in partnership with Isbank, of a new payment solution – Parakod. The Parakod application was developed by SoftTech A.Ş, Turkey, affiliate of Isbank. It enables Isbank’s customers to make payment with their mobile phones without using their credit cards at stores equipped with Ingenico payment terminals.

The bank says that users are not required to place extra equipment on their phones nor change their SIM cards. They just need to download Parakod from the İşCep (İşMobile) application and select the credit card they want to use. The Bankamatik (ATMcard) and MaxiPara cards can also be used. In practice, says the bank, the payment process is fast and works well.

After confirmation of the intention of paying via Parakod, the card is selected and a QR code on the POS screen is read by the camera of the mobile phone. The transaction is then approved via the mobile and finalized with the entry of the PIN code of the selected card on the POS terminal.

Nevra Toktaş, İşbank Card Payment Systems Department Manager, said, “Işbank is the first Turkish bank to develop a solution based on a QR code enabling a payment with a mobile phone. Parakod is a major innovation in payment as this application provides the users with a secured mobile payment means without having to carry a credit card.”

Parakod application is available for iPhone and Android phones.

Parakod has also been entered for the Innovation category in this years Contactless & Mobile awards 2013.

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