Spanish banking group BBVA has developed a new platform to enable secure mobile payments in all countries it operates.
The new platform is based on token technology where the customer’s real payment card numbers are replaced with a unique code called token. This token is generated by Token Service Providers (TSPs) such as Visa and Mastercard.
The process enables a transaction without utilising sensitive customer details thereby increasing security of digital transactions.
Currently, the new mobile payment technology is live in Peru and will soon be rolled out in other markets.
BBVA payment platform
The platform is designed to connect to Visa and Mastercard directly from the respective country’s BBVA app. Subsequently, it provides the necessary data to process digital transactions from a smartphone.
It is equipped with a dedicated module that integrates with the banking app and stores the data. The module also connects with the contactless sale terminal to process payments using the smartphone’s near-field communication (NFC) technology.
BBVA product owner for payment solutions Alfredo Sanz said: “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.
“A global approach to creating and developing products has become an integral part of our work philosophy at BBVA.”
Tokenization process is already in use in other mobile payment apps such as Apple Pay and Google Play.