OpenWay, the provider of the top-ranked Way4 digital payments software platform, is among the first global vendors of mobile contactless and contactless wallet solutions to be certified by EMVCo. According to Mastercard requirements, all card issuers who want to launch open-loop digital wallets under their own brand must obtain EMVCo security certification for their contactless wallet technology. Visa doesn’t require EMVCo certification, but solution providers must pass the certification in Visa’s accredited laboratory. OpenWay successfully has passed this certification, too.
Launching a branded wallet can give a card issuer’s profile a public boost by attracting more customers to the issuer’s brand and increasing their awareness of it, which is not the case when an issued card is added to a third-party wallet like Apple Pay or Samsung Pay. Additionally, the issuer can use the first-mover advantage by launching its own wallet in the countries where Big “Pays” haven’t launched their wallets yet.
“OpenWay has 25 years of experience in developing solutions for secure digital payments, so ensuring the security of our wallet solution was just the next logical step,” states Dmitry Yatskaer, CTO at OpenWay. “We designed the wallet app applying the newest approaches to cryptography and application security, and integrated the latest SDK provided by international payment schemes, coordinating with various security experts.”
Way4 allows financial institutions to create their own wallet ecosystems that connect consumers, merchants, and service providers on a single platform. Some OpenWay clients are servicing millions of customers and hundreds of thousands of merchants through their wallet ecosystem on Way4. The solution supports NFC and QR code payments and transfers, as well as loyalty programs, instalments and instant payments. Way4 Wallet includes the wallet back end, branded mobile app or an SDK to integrate with the issuer’s own mobile app.
During the pandemic, consumers are becoming more aware of the advantages of contactless mobile and wallets. According to an Accenture Consumer Payments Pulse survey, 64 percent of consumers are planning to use a mobile wallet in 2020, as opposed to 46 percent in 2019, which makes a 39 percent rise in the user base. The global mobile payment market size is also growing remarkably, forecast to reach a value of $3,695 billion in 2024, a significant projected increase from $897 billion in 2018.