Abaqoos is a non-bank card based payment tool or “virtual wallet” intended for use on the Internet, on mobile phones and with other digital channels. As a key benefit, Abaqoos allows its users to make secure financial transactions with relative ease in comparison to more traditional payment methods while at the same time providing comprehensive protection of a customer’s personal data.
Abaqoos is fundamentally different from typical bank issued debit or credit cards, even though these products are often used for online payment. As a key benefit, Abaqoos users can make payments free of charge among their friends and private individuals, and can accept money in a real time environment over the Internet. For merchants and business users, Abaqoos makes acceptance of electronic payment easy and secure.
As a core feature of the Abaqoos payment solution, users can designate and transfer an amount within their bank account balance, which can then be spent online or (in the near future) by making common everyday payments through one’s mobile phone.
Before using Abaqoos, individuals must first register and activate their Abaqoos wallet through an issuing bank that accepts Abaqoos. Data protection is ensured and monitored directly by the user’s issuing bank. Users can recharge their virtual wallet with money from their bank account free of charge. Once activated, users may take part in any Abaqoos payment transaction, which includes the recharging of their Abaqoos wallets, or initiating transfers back to their bank accounts.