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Tech to Shake Up  Micro Transactions
Tech to Shake Up  Micro Transactions
Wednesday, May 23, 2018

Tech to Shake Up Micro Transactions

The trial run of a contactless payment method in the cities of Mashhad and Qazvin using NFC technology testifies to the service’s feasibility and public appeal, opening the door for its debut in the metropolis of Tehran
Wednesday, May 23, 2018

Tech to Shake Up Micro Transactions

Iran’s financial system is gradually undergoing a technological evolution in micropayments by the introduction of NFC (Near-Field Communication) services tailored for handling small payments.
An e-wallet dubbed “Kipaad” was unveiled last October, a joint product of  Pasargad Bank, mobile operator MTN-Irancell and Fanap—the electronic payments solutions company affiliated with Bank Pasargad—to manage minor payments under 500,000 rials ($11).
The system first went into execution in the eastern shrine city of Mashhad and the northwestern city of Qazvin and will soon be launched in Tehran.
The offline e-wallet is designed to use SIM cards provided by Iran’s second largest mobile operator MTN-Irancell to safely and quickly conduct micro transactions for Android users.
NFC is a short-range wireless connectivity standard that uses magnetic field induction to enable communications between devices when they are touched together, or brought within a few centimeters of each other.
The method has proven successful as 7,500 daily transactions are made employing NFC services only in the public transportation sector of Mashhad.

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05/23/2018
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