OTP's QR-coded “instant transfer” payment solution is up and running

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OTP Mobil's latest solution, based on the instant payment system announced in March, makes payment possible without having to enter card data. With the newly announced feature, merchants can generate a QR code that OTP customers need to scan enough to begin the payment process. For the time being, the solution is only available on web interfaces, but in the coming months the company will extend it to physical stores – or open the possibility for other banks to connect.

The QR-code “instant transfer” solution based on an invoice issued in the webshop generates a QR code that users can scan in OTP Smart Bank. Based on the code, the app automatically fills in all the details of the transfer required to pay for the given goods or goods, so the user only has to confirm it – since it is a transfer payment, the credit card does not have to be picked up at all during the process. QR-code instant transfer is also made available by OTP to other banks, so they can incorporate it into their own banking apps later.

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In the coming months, the feature will also be available in physical stores, for which OTP Mobil is working on the development of a dedicated application that will also provide QR codes for local purchases, which customers can then scan at checkout. For the time being, however, the solution is limited to online interfaces – it is already available at some retailers.

SIMPLE USES 1.25 MILLION USERS

has registered users who made a total of nearly HUF 10 billion worth of transactions through the app in the first half of this year. The number of new registrations also picked up in the period compared to the first half of last year, with the company reporting a 22 percent increase. Due to the coronavirus epidemic, the restrictions in Hungary also affected certain services available within Simple, as the company said, parking, highway stickers, and event ticket purchases were almost zeroed, while users staying at home used other services much more intensively,

Although only 20-25 percent of domestic payment transactions take place electronically, the situation of coercion has made significant progress here as well: since the beginning of the restrictions due to the coronavirus epidemic, several the number of digital transfers increased by more than 15 percent, and the number of OTP SmartBank users jumped one and a half times compared to a year ago. The number of merchants using SimplePay has also increased dramatically during the epidemic, with more than 500 joining the system, bringing the nearly nine thousand merchants behind it.

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