Hungary-based OTP Bank has formally unveiled its new OTPay mobile payment service for common masses after the joint announcement with Cellum and MasterCard, in February 2014.

The new payment service works as an integrated mobile wallet and has been developed by Cellum Group, as per MasterCard’s standards for mobile payment systems.

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In order to leverage the new mobile payment service, users will have to download the app and register a bank card, and merchants can introduce mobile payments in their store free of charge.

Customers can now scan the QR code located next to the cash register in physical stores, whereas in online stores, only the phone number is needed instead of all the bank card details.

In order to offer secure transactions, OTPay uses cloud payment technology, and users need not provide their bank card details to merchants.

OTP Bank electronic banking directorate managing director, Péter Forrai, said: "OTPay is to date the most open mobile payment scheme in Hungary. The application isn’t only for clients of OTP Bank, anyone can register any of the most popular bank card types.

"Besides in-store and online payments, clients of OTP Bank can use it for peer-to-peer money send and account balance query. Furthermore, the app can also be used for prepaid card top-up and donation."

OTP Bank is also planning to expand the service with new functions in the future, including payment with MasterPass at over 30,000 merchants worldwide, as well as payment of OCR-enabled cheques and in-app catalogue orders.

Users can leverage any account kept at any bank in Hungary to use this service. They do not require paying any monthly or fixed fees, no need for POS terminals, and no entry or contracting fee either.