QuickPay, the next generation of transactions

FinTech
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The rise of mobile is a fact. The use of mobile and tablet devices has officially become dominant. In 2014 the number of mobile users took the lead from the desktop pc users.

A report from Morgan Stanley Research department measured approximately 1,900 million mobile users, compared with a bit less than 1,800 million desktop users. The same research also shows that pcs are the most popular device used to search the internet, but not for long. Smartphones are on the second place, but with the massive increase of mobile data plans it is expected that mobile devices will become leaders in this subject too. Why is Morgan Stanley cared about all these? Imagine a world where all the financial transactions happen from person to person through a mobile device. That is exactly what QuickPay does, that is what Bank of Cyprus brought to its clients. An innovative solution that simplifies transactions.

Mobile stats vs desktop

QuickPay is an innovative service for payments from mobile devices. It is a quick and easy solution for third party payments, where you are. That is a true innovation! Imagine being at a bar in London and you want to pay the bill, but unfortunately you forgot your visa at home and cash is not enough. What should you do? You can easily transfer money from your account to your friend’s account with a simple click from your phone. Yes, that’s the solution. Dead easy isn’t it?

The QuickPay account can be used for both debits and credits through the QuickPay service. In this way, and as soon as both have activated the service, only the beneficiary’s phone number is needed to carry out a payment. If the beneficiary did not activate the service, the transaction can still happen. The sender can simply enter the recipient’s details, like the account number or IBAN or card number and the transaction can also be completed.

Things look exciting, but there are some concerns still. Some can criticize this service, and they would be right. Although it is a true innovation, it yet has limitations. That kind of transactions are limited to clients of the same bank. Downloading the specific app needed for this service, you do not have the flexibility and the option to transfer funds between clients of different banks. Also, there exists a transaction ceiling of €150 (or equivalent in foreign currency) per day. What happens if more is needed? Nothing can be done. In most of our daily transactions we will be fine, but there, for sure, be times where €150 is not enough. And we all know that.

Read the ‘small letters’. The transaction is happening due to bank linked accounts. Therefore, If you select your credit card account as your QuickPay account, payments will be charged 3.33% of the transaction amount (minimum charge €4.40). Other changes and fees may be happen from time to time as any other banking product or service. Of course, this is a fee that is/can be applied on other banking products we already use.

QuickPay is definitely an innovative solution offering 1-click payments with the use only the mobile number. It is something new for Cyprus, although it is well known that the financial industry of the country is always offering really advance and progressive solutions. Some limitations exist, but the advantages of this service are for sure more. New technologies, like the use of Blockchain, are being used in order to overcome those few limitations. Keep an eye on these developments.