RBI launches mobile payment solution for smartphones

RBI introduces CardMobile

Austrian bank, Raiffeisen Bank International (RBI) is launching CardMobile, a contactless mobile payments solution for smartphones. The bank is in collaboration with card-based electronic payment solutions provider SIX Card Solutions, who are providing the mobile transaction processing platform. RBI’s strategic partners are V Pay, Visa Europe’s chip-only debit card and Cardis International, a low value payment solutions provider.

Users will be provided with a mobile app and a microSD-card to insert in their phone which includes the chip on which the secure payment application and antenna for contactless communication with the payment terminal are stored. The product incorporates low value payment technology which claims to improve payment cost efficiency and bring wider acceptance from merchants who would otherwise take cash. All security data is stored in the secure chip in the phone which is provided by RBI and has the same security levels as a bank chip card.

The new technology is due to be rolled out in Austria during the second quarter of 2012. According to Gerald Kubu, Head of Card Service for the bank, RBI has “decided to use the iPhone-platform for the initial launch, support for other smartphones will follow.” RBI is also planning on issuing V Pay contactless cards in the traditional card format.

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