Earlier this year we gave you a preview of a new product Cellum was working on with Mastercard and leading Central European banking group OTP. Called “OTPay,” the mobile wallet was the first developed for the European market incorporating MasterPass™, the global card scheme’s pioneering e-payment system. As of this week the product is live and in use, becoming the first broad-based integrated mobile wallet to be deployed in the Hungarian market.
Several things are notable about OTPay.
First, despite its branding, the app can be used by anyone, rather than just clients of Hungary’s dominant bank. “OTPay is to date the most open mobile payment scheme in Hungary,” said Péter Forrai, who heads up OTP’s electronic banking division.
At the same time, the ubiquity and credibility of the OTP brand in the country is expected to speed adoption by both consumers and merchants. (Clients of OTP Bank can also…
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