Visa has marked the Mobile World Congress 2015, being held in Barcelona, Spain, by announcing partnerships with several leading financial institutions (FIs) around the world to offer new mobile payment services.
Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) and Australia’s Cuscal have already launched projects that combine Visa’s tokenisation system and Android’s host card emulation (HCE) implementation for issuer-branded mobile payment apps.
Three more FIs – Banco do Brazil, PNC Bank and US Bank – plan to launch similar capabilities in the near future.
“2015 is the year in which fast and safe mobile payments based on Visa technology will proliferate across the world,” said Sam Shrauger, Visa’s senior vice president (SVP) of digital solutions. “We are very proud that Visa’s Digital Solution is now accessible to the broader market to be used across multiple devices and form factors – enabling secure, fast and engaging commerce experiences in any environment.”
“It was a great experience working with Visa to implement the first HCE-based mobile payment solution in the Asia Pacific region,” said Adrian Lovney, general manager, product and service at Cuscal. “Australia has the highest usage of contactless payments anywhere in the world and we’re expecting increased uptake of HCE this year.”
To use the new mobile payment services, consumers download their FI’s mobile payment app from the Google Play store. Following a one-time enrolment process, customers of participating FIs who download and install the application will be able to pay in-store with their Visa accounts by waving their Android mobile phone in front of a contactless reader.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
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