Tag: mobile payments technology

Unique commercial NFC payments service launched by BBVA

BBVA (Banco Bilbao Vizcaya Argentaria) has made technology news by becoming the initial bank to unveil near field communication (NFC) technology in its commercial contactless payments service that is based on Visa’s host card emulation (HCE) specifications.

Bank customers can utilize the payments solution by downloading the latest version of the BBVA Wallet app.

Customers who are interested in taking advantage of the new Visa cloud based payments service only need to obtain the most recent version of the app and they can begin making NFC payments. That said, consumers will also need to have a mobile phone that can run Android 4.4 and is equipped with NFC technology. However, customers who do not have a suitable handset may be able to benefit from contactless stickers which the banking firm will be making available.

In addition to providing contactless mobile payments, the BBVA Wallet instantly notifies customers of every transaction they make, as well as provides them with offers, discounts and even finance options they can purchase.

The global payment systems director at BBVA, Mehmet Sezgin said, “Our employees and some of our customers, who are the most active users of BBVA Wallet in Spain, are already using this latest technology that gives BBVA the opportunity to offer our millions of customers worldwide an incredibly simple and intuitive way to start using their phone for contactless payments.”

BBVA’s technology news is good news for the U.S., Chile and Mexico

The bank explained that it is Visa’s cloud based payment specifications that has made the international expansion of BBVA Wallet possible and that part of this includes utilizing HCE technology. Payments that are cloud based allow in-store transactions, which use secure data that does not require security that is hardware based but, rather, is kept within the bank’s “cloud based” systems. The company’s goal is for their mobile wallet to be carried and used by their customers across all of the geographical regions where the business operates.

Currently, BBVA customers in Spain with NFC enabled Android smartphones can use the new mobile payments service. However, later this year, the banking firm expects to extend its contactless payments service to customers in Chile, Mexico and the United States, which is likely welcome technology news for those bank customers looking to take advantage of this great new service.

New application could be a step toward Starbucks expanding the availability of its mobile commerce technology

Starbucks has released a new application for the iOS platform that could serve as a stepping stone for the company’s future mobile commerce endeavors. The company has become a major player in the mobile commerce sector thanks to its partnership with payments processor Square. Currently, Starbucks in the mobile commerce space are restricted to its family of stores, but the company does have plans to expand beyond its own stores in the future, possibly licensing off its mobile payments technology.

App allows users to tip baristas from their mobile device

The application allows consumers to tip their baristas at Starbucks stores from a mobile device. The app is meant to work alongside Starbucks’ existing mobile commerce services, allowing consumers more flexibility in the way they interact with the company and its employees. According to Starbucks, approximately 14% of all of its in-store transactions now come from mobile devices. The company has been quick to praise mobile commerce and has begun taking steps to help other organizations embrace the mobile sector more effectively.

Security continues to be an issue for many consumers

While Starbucks have found significant success in its mobile commerce efforts, many consumers are still wary of the concept of mobile payments. There are security issues that exist in the mobile field that have yet to be adequately addressed by companies participating therein. The security of financial information is a priority for many consumers, and the lack of security that many mobile commerce platforms offer has become a problematic issue for consumers.

Starbucks could help assuage security issues in the mobile commerce field with its mobile payments technology

Starbucks has managed to provide a service that consumers feel comfortable with using. The company may be able to help address some of the security issues that exist in the mobile commerce field by making its own mobile payments technology more available to other companies. Starbucks currently has tentative plans to license out its technology, but exactly when this will happen is unclear at this time.