MIT is an innovative mobile application that enables the transfer of funds via mobile phone between a Bank customer - service user and a recipient using only the number of the recipient’s mobile phone.

MIT Services:

• Cash (ATM withdrawal without card or any other document)
• Instant (P2P)
• Top Up Mobile Phone E-commerce
• QR Code Payment

e/m Commerce is on the rise*, and many retailers and issuers are looking for new ways to expand their customers payment options and let them pay in-store using their mobile phones.

The smartphone as a method of payment has been already successfully introduced in numerous European countries, experiencing significant user and usage growth over the last years.

Seven leading mobile payment providers in the EU combining 25 million users agreed to foster collaboration and international payment through an association, which was founded in Zurich, Switzerland.

Utilizing mobile technology, in countries where mobile smartphone usage is high, QR code payment is an innovative mobile application which allows Bank customers to pay for goods and services.

It is a safe, smart and easy solution that provides an alternative to cash payments.

It is also a cost-effective solution which does not require the infrastructure of point of sale terminals.

*The number of people in the US making in-store mobile payments is expected to reach 150 m. by the end of 2020.

Static QR Code is printed and sent to the Merchant once the Merchant agreement is signed.

The static QR Code can be displayed at the payment counter on a decal or terminal.

Dynamic QR Code is generated for every transaction. The dynamic QR Code can be generated on point of sale terminal or computer/tablet screen.

The dynamic QR Code has additional information, such as the invoice number and transaction amount, meaning that the Customer will not have to manually enter the data.

The Merchant should display a counter signage indicating QR Code payment acceptance.

Customers use their smartphone to scan the QR Code.

QR code contains all the Merchant information needed for the Issuer or the mobile banking app to trigger the payment.

• 1. Customer shall use the mobile payment application to scan the QR code displayed by the merchant.
• 2. Mobile payment application shall send the request to QR Pay system and QR verification module shall verify the authenticity of the QR code.
• 3. After getting confirmation on the QR code verification, QR Pay system shall send the debit account request to Account issuing bank.
• 4. Once the customer account debit confirmation is received from Account issuing bank, banking system shall send the credit request to QR Pay system.
• 5. QR Pay system shall validate the necessary rules and upon successfully processing the rules, shall forward the credit request to the Merchant acquiring bank.
• 6. Once the credit success confirmation is received, QR Pay system shall send the real- time notification to Merchant and Customer.