One of Spain’s leading financial institutions and global innovator, BBVA has announced its HCE (Host Card Emulation) technology based mobile payments application has already been downloaded more than 250,000 times, making it the most popular bank application in Spain.
The mobile payment application in effect is a mobile wallet that lets customers to make contactless payments and was the first major financial institution to tap host card emulation technology, allowing BBVA to bypass the telcos and their control of the Secure Element.
Given the success of the application in Spain, BBVA is considering deploying the technology in other countries including the US, Mexico and Chile where the financial institution has a significant presence.
“Our goal is to make BBVA Wallet a global product and make it available in every country in which we operate,” said Mehmet Sezgin, global payment systems director at BBVA, in an article on Finextra.
With interest growing in mobile payments around the world, the launch of BBVA’s mobile banking and mobile payments application in more than one market should help boost adoption and use of mobile payments in the selected markets. The success of the BBVA app in Spain also further highlights the potential of HCE in making mobile contactless payments a financially feasible system.
Overview by Tristan Hugo-Webb, Associate Director, International Advisory Services
To read the full story, go to Finextra.
