Spanish bank BBVA has developed a new platform to enable secure mobile payments in all countries it operates.
Using token technology, the bank has developed a platform that connects to Visa and Mastercard directly from each country’s application. The platform is expected to offer new payment experiences owing to the payment tokenization.
Payment Tokenization replaces sensitive debit/credit card data with a unique identification code also known as “token”, used during a digital transaction.
This helps secure online transactions. BBVA’s platform includes a banking app integration module which secures data in the device while communicating with the contactless sale terminal for payments processing.
Providing functionalities directly across the entire footprint has helped BBVA in optimising resource usage and improving the time to market.
“We want to be the first ones to provide new digital payment features to the customers in our markets, and this is only possible with the designs developed using this platform,” says Alfredo Sanz, BBVA’s Product Owner for Payment Solutions.
“The trend in payment mechanisms is moving toward the tokenization of credit cards. This is being driven by companies like Visa and Mastercard, who are providing new digital use cases. We go even further with our platform. We intend to cover all of these cases as well as providing our customers with new experiences they’ve never seen before.”
Recently, BBVA issued a structured green bond using blockchain technology to negotiate the terms and conditions along with MAPFRE, a Spanish Insurance company, who invested €35 million in the project.