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Wallet Database

PARAKOD

22nd of February 2017

Overview



  • Summary: Parakod is a cards-based digital wallet for WEB, in-app and in-store (via NFC and QR code) purchases. Parakod is operating in Turkey only and was launched in 2012 by Isbank. Customers can use Parakod as a payment system by adding not only Isbank but also their (other banks’) cards to the app.

  • Websitehttp://parakod.com.tr/

  • StatusLive

  • Market: Turkey (2012)

  • Type: Single Bank

  • Ownership: Isbank

  • Functions: Retail payments

  • Payment Mode: Cards-based

  • Channel: POS (via NFc and QR code), In-App, Web

  • Roadmap: Card Management & Campaign Management

User Experience



  • Registration & set upParakod app is available on Google Play Store and App Store. Isbank Customer can register for the app with their customer ID and customer PIN or they can enter their card’s information to the app screen as card number, expire date, CVV for the registration. Both Isbank customer and other banks’ customer can use the app to add. In addition, customers can use Parakod by adding their (other banks’) cards to the app.



  • Making a payment: With Parakod, customers can purchase products and services through QR code, without needing physical cards. QR code transaction is completed, after the QR code shown on the POS or internet screen is scanned by mobile phones camera.

Payment Flows & Technology



  • Merchant perspective: (Update to follow – further information being acquired)

  • Security: EMV (Update to follow – further information being obtained)

Business Model



  • StrategyParakod is a simple, quick and safe digital payment solution its current focus is to form a digital ecosystem to address customer needs with an end to end perspective containing nonfinancial needs as well.

  • Payee fee: Only interchange commission for merchants. No charge for merchants.

  • Payer fee: No charge for customer 

Performance Data



  • Launch date: Turkey (2012)

  • Closed Date: n/a

  • Users: 190,920

  • Retailers / merchants: 2.924 (2016)

  • Transaction volume: 1.092.044 TL (2016 Total)

  • Transaction value: 43,47 TL (average transaction value 2016)

  • Other data points: No data yet

     

Links & Media



  • Links: n/a

  • Media: n/a

Contact (MobeyForum Members only)



  • Name: N/A

  • Address: N/A

  • Email: N/A

  • Phone: N/A