wiCode Platform Overview
What is the wiCode Platform?
The wiCode Platform is a mobile switching system to connect merchants to Value Store Providers (VSP).
A VSP is any entity that has a monetary value which can be used in store.
What does it do?
The point of sale (POS) sends transactions through the wiCode Platform to upstream providers (VSP), which respond in order to transact or pay for goods or services. For example: e-wallets, banking institutions, loyalty APP processing systems, coupon and vouchering systems.
How does it work?
The Point of Sales sends a transaction request to the wiCode Platform for authorization.
The wiCode Platform routes this request to the appropriate VSP based on the token provided by the customer, e.g. a wiCode.
The VSP processes the transaction according to its own rules, for example a digital wallet, product based coupon, etc. and sends the response back to the platform.
The platform then forwards this response back to the POS. The response includes whether the authorization was successful as well as any approved amounts.
The platform can then facilitate the movement of funds between the retailer and the VSPs.
The Store Owner / merchant can be settled for all transactions that have been processed through the platform and the VSPs can be debited for all transactions switched.
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