Digital shopping solution developed by fintech is a bridge between the physical and digital world, and facilitates the use of digital wallets without the need for a physical card
paySmart, fintech that develops means of payment solutions for companies in different sectors, has started to offer a solution that enables the issuance of a virtual card for a digital wallet together with payment with QR Code at physical terminals through the hub of Elo, a Brazilian company 100% of payments technology. The solution is part of paySmart's lightweight processing platform, which allows you to make purchases with physical cards, virtual cards and cell phones.
The technology developed by paySmart, which acts as an Elo card issuer, relies on fintech's exclusive tokenization solution, which embeds a higher level of security in the storage of cards in digital wallets. The solution also allows simultaneous integration to Elo's QR Code Hub, accepted in more than 8 million establishments throughout Brazil. With this, it is possible for the cardholder to carry out transactions with their virtual card through QR Code technology in a few seconds, significantly reducing the activation time, while waiting for the physical card to arrive.
“Instead of having to manipulate card numbers and worry about protecting them, paySmart issuers can work with tokenized cards, which eliminates security risks and simplifies the operation. With very few calls, an Issuer can connect to paySmart and include a payment option with QR Code or virtual cards in their application – and this is already working in the main acquirers in the country”, highlights Daniel Oliveira, CEO of paySmart.
For paySmart, the partnership with a payment technology company like Elo, which has been in the market for 10 years, always open to innovation, allows the joint development of new implementations, capable of bringing more and more novelties to the market.
“The solution together with paySmart adds value to the entire ecosystem of digital payments, by adding, to the QR Code Elo Hub, a solution that integrates digital wallet with virtual card to offer another alternative for payment without physical contact”, comments Felipe Maffei , director of products and innovation at Elo.
Daniel points out that the option of making payments using mobile phones has been growing steadily, and the possibility of carrying out transactions using QR Code brings a series of benefits to the payment method ecosystem. “For commercial establishments, enabling the functionality in the available terminals is done transparently, and normally without any additional cost. The solution is available at most of the country's acquirers and brings more convenience and efficiency to everyone”, explains the CEO.
