BBVA becomes the first global banking group to commercially launch mobile NFC payments based on the new cloud-based payment specifications from Visa. The new system will allow BBVA customers with NFC-enabled Android handsets to make contactless purchases by downloading an updated version of the BBVA Wallet app.
The new service for the BBVA Wallet, which already has over 200,000 users, is already operating in Spain and will be extended to BBVA customers in the U.S., Mexico and Chile later this year. The international expansion of BBVA Wallet has been made possible through Visa’s Cloud Based Payments specification, part of which incorporates the use of Host Card Emulation (HCE) technology.
Jeremy Nicholds, Executive Director for Mobile, Visa Europe said: “The banking industry has recognised the demand for mobile payments from customers across Europe. Mobile offers a faster way to make secure payments and also has the potential to integrate with other forms of mobile banking functionality, supporting better money management. Cloud-based payments using the HCE technology are helping improve the time to market for banks looking to offer mobile contactless to their customers, while broadening the accessibility for consumers. We are delighted that BBVA, as a leading global financial institution, have chosen to take this step with Visa as their partner of choice.”
From the outset, Visa has worked closely with BBVA, as well as other leading financial and technology institutions to ensure that NFC-enabled HCE payments meet the stringent security requirements Visa expects of all its partners. The roll out of the BBVA wallet worldwide is the culmination of many years of hard work and demonstrates the huge strides now taking place in the payments technology space.
The BBVA wallet will operate in an integrated way on any latest-generation Android phone equipped with NFC technology. Mehmet Sezgin, BBVA Global Payment Channels director said: “Our early trials have shown us that this latest technology gives BBVA the opportunity to offer our millions of customers worldwide an incredibly simple and intuitive means to start using their phone for contactless payments – all they need to do is update the app.”
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