PRAXIS Launches Pay Wallet, Virtualized NFC Electronic App in Colombia

PRAXIS, a Mexican transnational corporation, and provider of technology solutions, announced the availability in Colombia of “Pay Wallet”, their electronic wallet model for corporations and banking institutions, that in the form of an application, enables the information exchange and storage. 

With this application, customers of corporations and banking institutions who acquire Pay Wallet will be able to load their credit and debit cards virtually, in order to make payments through NFC technology. The app also allows for handling of loyalty cards, and the possibility to locate geographically businesses and the exchange of coupons from mobile devices.

“At Praxis we took this technology to create our own application called Pay Wallet, which is designed and developed to meet the growing trend towards payment systems, satisfying the requirements for safety, comfort, convenience and mobility; revolutionizing and transforming the traditional payment system in mobile payments,” said Tania Alanis, Manager of SPEI and Mobile Banking for PRAXIS. “The first NFC projects were introduced in 2000. But now, over a decade later, it really seems the technology has matured. This technology enables wireless communication for data transmission at short range, such as pictures, videos, music, data and even making payments through mobile devices.”

 “Pay Wallet” services are presented in 4 modules:

1. My Cards: A manual registry of charge cards, and the photographing of cards registered.
2. Coupons: Allow affiliated businesses to publish their promotions and sales.
3. Loyalty Cards: Affiliated businesses may connect their frequent client cards, e-wallets and gift cards to Pay Wallet in order to provide their clients migration of physical cards to virtual cards, which update inside the application.
4. Geolocation: The publication of the affiliated business’ location for the users to find them (in general, according to their current location).

This application may be used as an e-wallet thanks to NFC technology which allows, through wireless   communication, the devices secure interconnection and the exchange and data transmission from a few inches away.“NFC, thanks to its characteristics of close range interconnection, is the perfect tool to be used as an electronic wallet, which among its many uses, allows us to incorporate into our mobile devices various types of cards; credit, debit or loyalty, later to be used and pay for products or services to be acquired,” added Alanis.

Devices equipped with this technology are able to send and receive information simultaneously, in an immediate and transparent way. Additionally, both, the NFC technology and the Pay Wallet application satisfy security, comfort and mobility requirements, thus revolutionizing the traditional payment system turning them into mobile payments.