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EghtesadOnline: A new generation of mobile payment network will be unveiled soon, said an official with the local payment settlement network regulator, Shaparak.

The new system does not require using debit cards and special codes, according to Arash Armoon.   

The system was developed by Saman Electronic Payment company and will be unveiled under the trade name “Baloot”, according to Financial Tribune.

It will operate on Bluetooth technology on ordinary cellphones, IRNA reported. 

 ‘Baloot’ is a payment system that integrates and offers various payment instruments on mobile platform. 

In other words, the system integrates point-of-sale devices and internet payment instruments into a unified mobile payment network. 

Moreover, users will be able to use payment services on their cellphones without the need to carry debit cards. 

This obviates the need to use POS devices in shops, for example, and shopkeepers can use payment services on their phones. 

Armoon underscored that payment via the system will be done in a highly secure platform.  

Recommending businesses to adapt themselves to the new technology, he said companies and industries that can adjust themselves to the fast evolving technology will be more successful.

According to IBENA, the new payment system employs third generation payment networks. 

The latest generations of payment networks that emerged worldwide, evolved rapidly due to the advent of new technologies. 

The new system employs the same technology used by the giant Apple company Apple Pay.  

Apple Pay is a contactless payment technology for Apple devices. It was designed to move consumers away from physical wallets into a world where the banking data are iPhone or Apple Watch, allowing users to pay using your device instead of a card.

The domestically designed Baloot is touted as having features similar to international brands. 

It is said this new system will help payment service providers cut expenses related to paper receipts and the maintenance cost of POS devices.   

Caption: The new system integrates point-of-sale devices and internet payment instruments into a unified mobile payment network.

 

New Iran Shaparak payment network payment settlement network Mobile mobile payment network regulator