In order to perform a payment, end-user only needs to have mobile application capable of generating TAC (Transaction Authentication Code) which is submitted to merchant’s POS system at checkout. The merchant bundles the received TAC along with payment transaction info and sends it to bank’s acquiring and authorization systems.
The back-end checks the authenticity of TAC and if positive, sends the transaction for authorization. If sufficient funds are available at user’s payment instrument (account or card) the transaction is confirmed and user leaves the store with bought merchandise. The same approach is utilized with cardless ATM withdrawals.
Mobile Payment service provides connectivity between mobile clients, POS, ATM terminals, and banking system. The service consists of two distinct subsystems: Payments Gateway and Mobile Wallet. Payments Gateway is the frontend part of the service responsible for receiving, classifying, and either forwarding or processing requests.
Mobile Wallet subsystem is responsible for providing storage and management functionalities for data related to users, accounts, and payments. An overview of the functionalities provided by both subsystems is shown below.
Payment at the POS
ATM cardless cash