Consumers in Romania will be able to complete purchase transactions with their smartphones.
One of Romania’s most innovative and dynamic banks, Garanti Bank, has announced that it will be launching QR codes that will allow its customers to make purchases through mobile payments, using the technology and services of Seamless, a Swedish company.
The new partnership between these two companies will bring about SEQR mobile payments.
This service will be available to the Romanian market and will be based on QR codes. It is currently in the stage of a pilot project which will involve the participation of a number of large retail chains. This will make Garanti Bank the very first financial institution that will be bringing smartphone purchasing to the country.
QR codes will be installed within the various retailer locations as a part of the pilot project.
Seamless Distribution first launched the new technology that will be used by the bank back in November 2011. This launch occurred through its proprietary SEQR platform. It was designed to improve convenience for the consumer while it simultaneously helps merchants to minimize their costs.
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It functions by allowing Garanti Bank clients to scan the QR codes that are located at the point of sale terminals of the participating stores. The scan is performed using the customer’s own smartphone and will allow the device to be used to pay for the purchases directly, as though it were a traditional plastic card.
Scanning the QR code allows the consumer to be identified as a part of the Seamless transaction platform so that the purchase can be paid for out of that individual’s Garanti Bank account. The service can be used by consumers with absolutely no additional fee, making it a more convenient way for many people to make their purchases, as they won’t need to wait in the store checkout lineups.
Furthermore, as Seamless offers a highly secure platform, consumers can feel safe in knowing that when they scan the QR codes in order to buy the products that they want, their information will not be shared with any unauthorized parties. Equally, this helps merchants to increase their own profitability without having to buy new point of sale equipment.