1st of September 2016
- Summary: PayCash is a cards-based and account to account digital wallet for online and in-store (via QR code) purchases as well as P2P payments on mobile devices. PayCash is operating in Luxemburg only and was launched in Jun 2012 and developed by PayCash Europe S.A..
- Website: https://paycash.eu/mobile-payment-solution/
- Status: Live
- Market: Luxembourg (Jun ’12)
- Type: Other
- Ownership: PayCash Europe S.A.
- Functions: Retail and P2P payments
- Payment Mode: Cards based and account to account
- Channel: POS via QR code, In-App, WEB
- Roadmap: n/a
- Registration & set up: PayCash can be downloaded from Google Play and App Store, so it is available for Android and Apple smartphones. To validate the account is necessary to click a link sent per email. To validate the bank details is necessary to enter a PIN received per email. PayCash account can be charged via bank transfer or credit card.
- Making a payment: User opens the app and logs in. After entering the desired amount, the PayCash will display the unique QR code which can be scanned by a merchant or a friend – done. No need for double authentication, it is enough with the PIN code entered when logging in.
Payment Flows & Technology
- Merchant perspective: PayCash provides their partner companies with an additional scanning device to enable data exchange with the customer’s smartphone. For partners already equipped with hardware such as Apple or Android devices the PayCash app is made available free of charge. Both the reading device and the PayCash app can be installed quick and easy, independently of the existing cash register system. The payment is executed immediately and visible to all users involved in the process – to both sender and recipient.
- Security: With every transaction PayCash‘s electronic wallet generates dynamic data driven QR Codes that are exchanged between users via mobile phone. PayCash app makes this technology accessible for iPhone and Android phones. Due to the simple and easy operating mechanisms and to the fact that no user data such as name, credit card number or account number are transmitted in the payment process, PayCash offers a huge security advantage compared to conventional payment systems.
- Strategy: (Update to follow – further information being obtained)
- Payee fee: Merchants are charged. (Update to follow – further information being obtained)
- Payer fee: No charge for consumer
- Launch date: Luxembourg (Jun-12)
- Closed Date: N/A
- Users: No data yet
- Retailers / merchants: No data yet
- Transaction volume: No data yet
- Transaction value: No data yet
- Other data points: No data yet
Links & Media
Contact (MobeyForum Members only)
- Name: N/A
- Address: N/A
- Email: N/A
- Phone: N/A