Bankinter is developing an innovative mobile-based payment solution that allows customers to securely and instantly create a onetime-use debit or credit card on their mobile phone both for contactless payments in stores, restaurants or gas stations as well as online.
“The Mobile Virtual Card solution eliminates the main difficulties that today are slowing the commercial launch of NFC payments and make it in compatibility with the standards of the financial industry, helping to avoid market fragmentation that in no way benefits the final consumer” says Jacobo DÃaz, Director of Innovation, Products, Markets and Quality of Bankinter.
One of the characteristics of this new system is simplicity. Customers are invited to download an application onto their smartphone from an application store and then register the product through the bank’s website. Using electronic signature mechanisms, the mobile is enabled for mobile payments in few minutes. During the process a companion to the customer´s physical credit or debit cards will be temporarily downloaded to the user’s mobile phone. The solution makes use of secure virtualization techniques and 2-factor authentication, which ensures payment security
Based on well established EMV standards, this solution does not require any changes to the existing acceptance infrastructure (POS terminals) for NFC proximity payments. It also allows the bank to autonomously define its own business model and brand image in mobile payment media, without entering into an agreement with third parties. In this sense, the cards registered by the user can be updated via a remote management system 100% integrated into the Mobile Virtual Card client-server system of the financial institution.
The solution will be available in summer 2013
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