Danish banking collective BOKIS partnership has chosen Nordic digital payments provider Nets to launch a new NFC mobile wallet solution.
The wallet will be powered by Nets’ host card emulation (HCE) and tokenisation platform, and can be accessed by customers of all participating banks.
Nets’ HCE and tokenisation platform enhances security of mobile payment transactions by replacing payment credentials stored in the mobile device at the point of transmission with a unique randomly generated identifier.
Moreover, the platform is based on internationally security standards that will allow the banks to deploy HCE and tokenisation into their own mobile payment solutions and reduce time-to-market.
Danish Regional Bankers Association managing director Soren Nicolaisen said: "We are excited to be the first in Denmark to announce our plans to deliver bank-issued mobile wallets from our members, providing a mobile payment solution that delivers real payment convenience to our customers. End users will be able to pay just by ‘tapping’ their phone at the contactless point-of-sale."
Nets SVP in mobile services area Hans Henrik Hoffmeyer added: "Historically, Nets has developed and operated the financial infrastructure supporting and driving the Nordic banks’ payment solutions.
"We have made significant investments on behalf of our customers in becoming a token service provider (TSP), which enables Nets to provide the security services that our banking customers need to power their future mobile solutions and new mobile services."
The BOKIS partnership includes 62 banks that form the small to mid-sized banks segment of the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark, as well five Danish regional banks namely Jyske Bank, Sydbank, Spar Nord Bank, Arbejdernes Landsbank and Nykredit Bank.