Emerging Markets Payments (EMP), an Egypt-based electronic payments processing company, has introduced a new payment solution which enables cardless transactions.
Called Cash by Code, the new service allows people to transfer money to their families, friends, partners and suppliers via the ATM network.
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The company said that the sender can initiate the transaction, using whichever channels his bank supports (such as mobile or internet banking, or ATMs).
The system will send one code to sender and a second code to the recipient’s phone. The sender is required to share the first code with the recipient. The ATM will dispense the cash once the recipient types in both codes, together with his/her mobile phone number, at any participating ATM.
EMP Africa CEO Murat Ozulku said: "The Cash by Code service extends the reach of financial services, using pre-existing financial infrastructure.
"EMP is focused on bringing financial technology to the unbanked and the underbanked people of Africa and the Middle East. This latest offering is not only easy to use; it is secure and operates in real-time."
