Comparison to other similar payment systems
How Way4Pay differs from internet banking
- Way4Pay is suited for paymetns on the go in contrast to internet banking. Internet banking covers only the payment leg of the thansaction, ignores bill issuance and confirmation of the payment to the merchant.
- Internet banking does not provide the merchant with online information on the payment if the payer and the merchant accounts are not in the same bank.
- Internet banking does not support management of electronic goods, is not suitable for integration into merchant sales systems (travel and admission tickets, vouchers...).
- Internet banking requires pairing of payments and invoices or bills by the merchant.
Advantages of Way4Pay compared to payment cards
- The payment is connected with provision of sensitive data to the merchant. It opens possibilities to fraudulent behavior. To use card payments in the internet environment even increases the risk. The card identity is constant during until maturity. Way4Pay in contrast does not provide any data, that can be missused.
- The card payment requires to equip the place of payment with expensive technical equipment for reading cards. Way4Pay in contrast does not require any specific device on the place of payment.
- Way4Pay does not require costly authorization by a card company, nor a necessity to create a costly authorization center by a bank.
- Payment cards do not allow new forms of shopping from the wall and do not provide any functionality for storing electronic goods, ...
Emulation of payment card into mobile phone harware
- Attempts to emulate payments cards in a mobile telephone hardware keep all drawbacks of a payment card compared to Way4Pay.
- We assume the emulation of a payment card into a mobile phone as one of the most stupid idea. At the expense of a complicated harware solution it only reduces one piece of plastic.
Why is Way4Pay better than BySquare
- The merchant does not receive any information about the payment until the payment is credited on his bank account.
- BySquare does not control the relation between the bill issuer and the bank account of the payment receiver. It opens possibility for frauds.
- Way4Pay does not rely on QR codes only, Way4Pay supports other possibilities of communication as PickUpCode, e-mail, NFC or any forms of contactless communication on short range.
- BySquare supports only classic bank transfers. Way4Pay offers wide range of payments e.g. Payment on place, Delivery vs. Payment,....
- Way4Pay format is open and less complicated.