Under the name of ‘Aqua’, the entity that presides Carlos Torres launches a new card format without a number, expiration date or CVV focused on mobile payments. It will be digital, although with the possibility of making it physical at no cost using recycled plastics, and it will entail verification of payments through the bank’s app to reinforce the security of transactions.
The bank hopes that one million of its customers will switch to Aqua in a period of two years, although it will continue to market its range of classic cards. BBVA’s movement is part of the constant and rapid growth that payments through mobile phones are experiencing, which already accounts for 12% of the card uses registered by the group in Spain.
The bank will deliver one of the new cards to anyone who becomes a customer of the entity through digital channels (app or web page) upon understanding that this market niche is more prone to the use of new technologies. These are mostly young profiles, although the pandemic has accelerated the interaction of the elderly with the group through the ‘online’ and two thirds of its users in the country are already considered digital.
The service will be free for customers linked to the bank, while the rest will have to pay 35 euros for debit cards and 43 euros in the case of credit cards.
The director of business development in Spain, Gonzalo Rodríguez, He explained in a product presentation that one of the bank’s objectives is to reinforce security in the use of cards. To do this, the card will force the verification of purchases in the entity’s app and will generate dynamic CVVs for single use. In the case of payment services like Apple Pay, it will only be necessary to enter it once.
The card also affects another of the great concerns that the internet has brought with it: the transfer of data to third parties. The bank will allow its customers to know who has their card details (businesses, streaming services…) and to be able to delete them with a single ‘click’.
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