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Wallet Database

iUPay

21st of August 2016

Overview



  • Summary: Iupay is a cards-based digital wallet for online purchases operating in Spain only and launched in Feb 2014. Iupay has been developed by Redsys, which is backed by the main financial institutions in Spain

  • Websitehttps://www.iupay.es/OasysWebService/login/landingpage

  • Status: Live

  • Market: Spain (Feb ’14)

  • Type: Bank Consortia

  • Ownership: Redsys, backed by the main financial institutions in Spain: Sabadell, Bankia, Santander, Kutxabank, Caja Rural, Banco Popular, Caja Sur, Deutsche Bank, BBVA, La Caixa, ING and Barclaycard. Redsys is the owner of iupay and provider of processing services for the bank members, as well as owner of the trademark duly licensed to bank members, so that each of them, commercialize and provide directly iupay service to its customers

  • Functions: Retail payments only

  • Payment Mode: Cards-based

  • Channel: WEB

  • Roadmap: In the short term, iupay wants to provide many other services such as money remittance shipments (from one account to another, and from card to card), changes to the physical environment by incorporating mobile applications, etc. Iupay currently provides coverage domestically with vocation to have international coverage. In this regard there are avenues open negotiations with MasterCard and VISA as well as other domestic portfolios of the European environment, to seek interoperability between different portfolios

User Experience



  • Registration & set up: To validate the account is necessary to enter a code received by SMS. User can add up to 10 payment cards. User can also register through his online banking portal. An app is available on App Store and Google Play for smartphones, but it is not possible to register through it



  • Making a payment: Clicking in the “iupay” button on the merchant website.  Logging in, and then select a credit/debit card to make the payment.  It allows deferred payments

Payment Flows & Technology



  • Merchant perspective: (Update to follow – Further information being obtained)


  • Security: 3DSecure. It is an additional level of security for payments made with Visa and MasterCard, which protects the cardholder from unauthorised use of their credit card. 3DSecure technology is based on the programs verified by Visa and MasterCard SecureCode. Its objectives are to reduce online merchant fraud and provide payment security to customers

Business Model



  • Strategy: Iupay does not charge merchant any fees for purchases through iupay. Merchants pay standard fees to their acquiring bank for traditional POS (Update to follow – further information being obtained)

  • Payee fee: Iupay implementation does not involve additional costs for the merchant and applies the same conditions that have established with their acquiring bank for traditional POS

  • Payer fee: No charge for consumer 

Performance Data


Contact (MobeyForum Members only)



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