Romania’s Garanti Bank Uses QR Codes for Mobile Payments

When it comes to wireless technologies, when one mentions mobile payments, the first thing that comes into mind is near-field communication. However, Garanti Bank is using QR codes for its mobile payments system in Romania.

Patterning with Seamless, a Swedish company involved in mobile payments, Garanti Bank will be unrolling the SEQR mobile payment system in Romania. Even during the launching phase, large retail stores are already on board. This makes Garanti Bank the first bank or financial institution to use the SEQR mobile payment service in the country.

Seamless first launched SEQR in November 2011. SEQR uses QR codes, which are found at point of sale terminals, or printed on their receipts that a buyer scans. The buyer is then taken to a page where they can pay by confirming their purchases. The charges will be deducted from the user’s Garanti Bank account.

This will help stores and merchants bring down their costs while making it more convenient for customers to pay.

SEQR virtually eliminates long lines at the cash register and is a very secure way to pay.

Garanti Bank’s Anca Motca says that the bank is looking for ways to add value to their service for their customers by coming up with innovative solutions and products. The Seamless SEQR solution is a proof of that. Motca adds that with the SEQR, they are offering tangible benefits to everyone concerned: merchants, customers and the bank itself.

Garanti Bank has been at the forefront of banking innovations, including a more secure Internet banking service, cardless transactions at ATMs and contactless payments. Their innovations have since been replicated at other banks.

For its part, Seamless’ CEO Peter Fredell says that partnering with Garanti makes it possible for them to operate in the Romanian banking industry with a “strong and innovative” partner in Garanti Bank.