How it Works
QRUZ’s proprietary process removes the security risks that are associated with NFC and other similar technologies. QRUZ Pay does not capture/transmit/store customer payment credentials.
The Bank is the holder of the customer’s data. They know who the buyer is and if there are sufficient funds in that account. The merchant simply needs to be notified they will be paid for the goods and services provided.
Traditionally, point-of-sale (POS) terminals capture valuable credit card and personal information from the consumer and transmit the information to the network for the payment processing. With QRUZ Pay, the bank (or trusted financial institution/digital wallet provider) remains the sole holder of data. They know who the buyer is and as well as their ability to pay, their credit limits, and who the merchant is.
The QRUZ application enables the financial institution to communicate directly with any type of POS terminal located anywhere in the world, identified through a unique ID number.
After sending the merchant ID to the financial institution, the consumer receives an immediate request to approve the transaction via their mobile device. The consumer then has the option to designate which wallet to use or which account on file to use for that payment. The transaction is then finalized by the processes already set in place by the financial institutions.
This 100% secure transaction occurs because the QRUZ technology transmits no card data during the transaction process.