BBVA Group has developed a platform to facilitate mobile payments across all the countries in its footprint. The platform developed by BBVA connects to Visa and Mastercard directly from each country’s application and provides the data required to process digital transactions from a smartphone.
BBVA has used token technology to develop a global platform that integrates the activation of mobile payments in its banking apps in any of the countries within its operating footprint. The platform will also offer customers new payment experiences, thanks to tokenisation. This approach consists of replacing real payment card numbers with a unique identification code called a ‘token’, which is generated by Token Service Providers (TSPs) like Visa and Mastercard, and they allow transactions to be performed without exposing the customer’s real data.
This payment method replaces sensitive debit or credit card data with a unique identification token, which is used during a digital transaction. Online transactions are therefore more secure because the customer’s actual card data no longer needs to be provided. BBVA has already committed to helping its customers adopt this new payment approach.
The platform BBVA developed connects to Visa and Mastercard directly from each country’s application and provides the data required to process digital transactions from a smartphone. The platform includes a module that integrates with the banking app and is dedicated to securely storing the data in the device and communicating with the contactless sale terminal in order to process the payment using the mobile devices’ near-field communication (NFC) technology.
Customers in Peru can already use the mobile payment technology thanks to the platform, which will be rolled-out to BBVA’s other markets in the coming months. The platform was developed as an agile, global initiative, in order to ensure that its functionality could be quickly adapted to the distinct customer requirements in each of the respective local markets.
Instead of relying on local platforms to deliver this functionality to each market, BBVA delivered a single development that provides these services directly across its entire footprint, thus saving time and resources and dramatically improving time to market for all customers.