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Fintech Solutions

Digital Wallet

What is a Digital Wallet?

Digital wallets are online payment tools, usually in the form of an app. A digital wallet, also known as an e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services.

This can include purchasing items online with a computer or using a smartphone to purchase something at a store. Money can be deposited in the digital wallet prior to any transactions or, in other cases, an individual’s bank account can be linked to the digital wallet. The usage areas of digital wallets have increased rapidly in recent years. Users might also have their driver’s license, health card, loyalty card(s) and other ID documents stored within the wallet. The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC).

Besides digital wallets are being made not just for basic financial transactions but to also authenticate the holder’s credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as “wallet mobiles”. A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin.

How does a Digital Wallet Work?

The digital wallet uses application software to link your payment details from your linked bank account to the merchant with whom the transaction was made. Different apps allow different access; open wallets (accepted at most retailers) authorize online purchases, contactless in-store payments and cashback, and may even authorize withdrawals at certain ATMs. Semi-closed and closed wallets allow certain transactions with a specific group of retailers or only the retailer that issued the wallet.

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Digital Wallets and Security

Consumers are not required to fill out order forms on each site when they purchase an item because the information has already been stored. It is automatically updated and entered into the order fields across merchant sites when using a digital wallet. Consumers also benefit when using digital wallets because their information is encrypted or protected by the software code. Merchants benefit by receiving a combination of protection against fraud, faster receipt of payment, decreased transaction costs and decreased theft loss.

Digital wallets are available to consumers free of charge, and they’re easy to obtain. For example, when a consumer purchases a merchant site that’s set up to handle server-side digital wallets, they type their name, payment and shipping information into the merchant’s form. At the end of the purchase, the consumer is asked to sign up for a wallet of their choice by entering a user name and password for future purchases. Users can also acquire wallets at a wallet vendor’s site.

Although a wallet is free for consumers, vendors charge merchants for wallets. Some wallet vendors arrange for merchants to pay them a percentage of every successful purchase directed through their wallets. In other cases, digital wallet vendors process the transactions between cardholders and participating merchants and charge merchants a flat fee.

Advantages for e-commerce sites

  • Upwards of 25% of online shoppers abandon their orders due to frustration in filling in forms. The digital wallet combats this problem by giving users the option to transfer their information securely and accurately. This simplified approach to completing transactions results in better usability and ultimately more utility for the customer.

  • Digital Wallets can also increase the security of the transaction since the wallet typically does not pass payment card details to the website (a unique transaction identifier or token is shared instead). Increasingly this approach is a feature of online payment gateways, especially if the payment gateway offers a “hosted payment page” integration approach.

Melasoft Digital Wallet Solution

Melasoft GmbH, which has made a name for itself with its global SAP Compliance and transformation solutions, has added a new one to its Fintech solutions: Melasoft Digital Wallet Solution. With the Melasoft Digital Wallet Solution, your personal information is protected by our encryption software while you shop securely and quickly on e-commerce sites.

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Credit Card Storage Service

What is Card Storage?

It is a secure Melasoft IT service that allows people with credit cards and debit cards to register their cards and make easy and fast shopping without the need to re-enter their card information in their online transactions.

  • SECURITY

Your card information is stored on secure, PCI DSS protected servers.

  • SPEED

Melasoft IT software developers continuously produce up-to-date solutions for your and your business needs.

  • SUPPORT

We continue to assist you with our free e-commerce support line.

MELASOFT CARD STORAGE SERVICE

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What kind of conveniences do we provide to workplaces?

  • We ensure that the customer’s private and sensitive information keeps. Thus, we eliminate the risks that may arise from data leakage.

  • In online transactions made by cardholders, payments are easily received without requesting card information for each transaction.

  • It ensures that the payments made are received quickly and securely.

Card Storage Flow for Businesses

  • Cardholders enter the card number and expiration date of the card they want to trade.

  • For credit cards and debit cards, ID or Customer No is taken.

  • Your card information is stored on secure servers.

  • If the cardholder wants to keep the card at the transaction time, 16-digit card number and expiry date information store on secure servers for the next transaction.

Why Melasoft Card Storage?

  • Melasoft servers store sensitive data of customers securely and carefully.

  • Melasoft manages transactions and reports on a single portal with its smart POS routing.

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Payment Gateway

A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such as a payment service provider.

It is equivalent to a physical POS (point of sale) terminal found in many retail outlets. The vendor account provider is usually a separate company from the payment gateway. Some vendor account providers have their payment gateways. However, most of the companies use 3rd party payment gateways.

The payment service usually has two components:

  • Virtual terminal that can allow the vendor to login securely and enter credit card numbers

  • Connecting to the gateway of the shopping cart via an API to allow real-time processing on the vendor’s website

The payment service can be provided by a bank to its customers. Nevertheless, it can also be provided by a private financial service provider as a separate service such as a payment service provider. However, the website facilitates a payment transaction by transferring information between a payment portal, such as a mobile phone or interactive voice response service, and the front-end processor or receiving bank.

Payment Gateway Transaction Processes

When a customer orders a product from a payment service-enabled vendor, the payment service company performs various tasks to process the transaction.

  • By pressing the “Order” or equivalent button, the customer places an order on the website or perhaps enters their card details using an automated phone answering service.

  • If the order is via a website, the customer’s web browser encrypts the information to be sent between the browser and the merchant’s web server. Among other methods, it can be done through SSL (Secure Socket Layer) encryption. The payment service can allow transaction data to be sent directly from the customer’s browser to the gateway, bypassing the vendor’s systems. This reduces the vendor’s Payment Card Industry Data Security Standard (PCI DSS) compliance obligations without redirecting the customer from the website.

  • The vendor then transmits the transaction details to the payment network. This is another (SSL) encrypted connection to the payment server hosted by the payment service.

  • The payment service converts the message from XML to ISO 8583 or a variant message format (the format understood by EFT Keys). It transmits the transaction information to the payment processor used by the vendor’s buyer bank.

  • The payment processor transmits the transaction information to the card issuer (For example Visa / MasterCard / American Express). If a MasterCard is used, the card provider also acts as the issuing bank. After that, it gives a direct approved or denied response to the payment service. Otherwise, the card-issuing directs the transaction to the bank that issued the correct card.

 

White label payment gateway

Some payment service systems offer white label services that allow payment service providers, e-commerce platforms, ISOs, vendors or purchasing banks to brand the payment service technology entirely on their own. It means that PSPs or other third parties can have an end-to-end user experience without imposing payment processing and additional risk management and compliance responsibility to the company.

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Payment Institution and e-Money Institution

We produce solutions with our fintech products, infrastructure, core system, management and branch/representative/agency portals of organizations that want to operate in the field of fintech, especially payment institutions and electronic money institutions, web portal and mobile applications for end-users, and all kinds of web portals and mobile applications.

What is a Payment Institution / Electronic Money Institution?

What authority does it have?

The term Payment Institution is understood as legal entities authorized to provide and perform payment services. Electronic Money Institution is the definition of legal entities authorized to issue electronic money.

 

Payment services; It covers all transactions necessary for the operation of the payment account, money transfer including the transfer of funds in the payment account, issuance or acceptance of the payment instrument, money transfer, payment transaction made to an IT or electronic communications operator operating as a means of payment, services for mediating invoice payments. In addition to these services, payment services; The payment order initiation service offered regarding the payment account in another payment service provider at the request of the payment service user, the provision of consolidated information on online platforms regarding one or more payment accounts of the payment service user with the payment service providers, the total size or impact in the field of payments means other transactions and services reaching the level to be determined by the competent authority in terms of its field.

 

Electronic money; It is the monetary value that is issued against funds, stored electronically, used to perform payment transactions, and accepted as a means of payment by natural and legal persons. The concept of electronic money is often confused with the concept of crypto money. While electronic money, which has a centralized structure, is subject to the supervision and control of authority, there is no authority behind cryptocurrencies. Decentralized cryptocurrencies often use blockchain technology and regulations are made by the majority of the user community.

Within the scope of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, it is possible to operate as a payment or electronic money institution in Turkey, provided that the necessary licenses have been obtained. One of the most important requirements for obtaining a payment institution or electronic money institution license is that the information systems are ready and operational. The information systems in question; is a whole consisting of four elements: software, hardware, processes and human resources. All four elements must be ready during the license application to The Central Bank of the Republic of Turkey. The basis of information systems is “software to be used in payment services”. All services that organizations will offer to their customers are carried out through this software.

With our Fintech solutions;

  • PSD2 / API based Open Banking

  • Money Transfer to Name (Domestic/International)

  • Account Based Money Transfer

  • International Money Transfer

  • Payment Services

  • Payment Gateway

  • Electronic Money (Electronic Money Issue, Use, Conversion to Fund and Transfer)

  • Credit Card Storage

  • Virtual POS Integration

  • Prepaid Card System Integration

  • Bill Payment System Integration

we can offer solutions with our experienced and expert team.

As MELASOFT;

  • Preparing the basic payment service / electronic money software that your company will use

  • Providing necessary updates and development support for payment service / electronic money software

  • Supplying and integrating side software such as accounting program, SMS/Email service, Fraud prevention program, AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) programs

  • The operation, management, coordination of your company’s information systems

  • We can offer all of our services with our experienced and qualified staff as a whole and in a way that can fully meet your needs.

If you want to learn more about our services and solutions, contact us now!

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