Bancontact/Mister Cash, a Belgian payment company has announced a new mobile application that uses QR Codes to let customers to transfer funds to each other.
To complete a transaction, the recipient must open the payment application and enter the amount to be sent. A QR Code is then generated that the payer must scan with their smartphone and enter a PIN code to confirm the transaction.
Users can sent up to €125 through the app and it works with iOS and Android devices linked to the customer’s Bancontact/Mister Cash bank card. The company claims to have over 15 million cardholders.
Bancontact/Mister Cash will be trialling the project with its partner banks in 2013 and the commercial roll out is planned for next year.