Home News & events Press Releases 2015 EMP launches Cash by Code cardless transactions service

 

EMP-Logo-300x175EMP launches Cash by Code cardless transactions service

Emerging Markets Payments (EMP), the leading payments processing company in Africa and the Middle East, has announced the launch of its latest payment solution, the Cash by Code cardless transaction.

Traditional methods of sending money require the recipient to have a bank account or to queue in a bank branch. Cash by Code cardless technology provides a solution to this problem, allowing people to send money to their families, friends, partners and suppliers via the ATM network.

Cash by Code is easy to use. The sender initiates the transaction, using whichever channels his bank supports (such as mobile or internet banking, or ATMs). The system will send one code to him, and a second code to the recipient’s phone. The sender tells the recipient the first code and the recipient then types in both codes, together with his mobile phone number, at any participating ATM. The ATM dispenses the cash; nothing else is needed.

As a security precaution, the codes are only valid for a set period of time. After this period has lapsed, the recipient will be unable to withdraw the funds and the money will be reimbursed to the sender’s account. The money can of course be sent again.

The Cash by Code service extends the reach of financial services, using pre-existing financial infrastructure. Commenting on the launch Murat Ozulku, Chief Executive Officer of EMP Africa, said: “EMP is focused on bringing financial technology to the unbanked and the underbanked people of Africa and the Middle East. This latest offering is not only easy to use; it is secure and operates in real-time.”

The EMP processing centre is built on TranzWare software from Compass Plus.

 

About EMP:

Founded in 2001, Emerging Markets Payments Group (formerly Mediterranean Smart Cards Company) was established to deliver worldclass payments solutions technologies to banks, retailers, governments and consumer finance institutions to facilitate the rapid expansion of electronic payments in the Middle East and Africa. The company offers a wide variety of services that includes card and virtual card processing services, acquiring services to merchants and banks, and outsourced credit and payments services to retailers and consumer finance companies.
www.emp-group.com

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