Alternative Finances

BBVA Gets Mobile Contactless Payments Service

BBVA announced earlier this week that it launched a host card emulation-based mobile contactless payments service. The Spanish bank is the first global bank to commercially launch this service, according to Finextra.

The news source added that BBVA wants to roll out the technology in other countries, including the United States, Mexico and Chile.

BBVA global payment systems director Mehmet Sezgin told the news source that the organization’s goal is for BBVA Wallet to become a product that is carried globally by customers and used everywhere that BBVA operates.

Visa Europe executive director of mobile Jeremy Nicholds also commented on the move.

“Cloud-based payments and HCE functionality is helping improve the time to market for banks looking to offer mobile contactless to their customers, while broadening the accessibility for consumers,” Nicholds said.

Contactless payments are becoming increasingly popular. Toward the end of April, a report showed that U.K. monthly spending via contactless cards has exceeded $100 million. Additionally, U.K. consumers spent over $30 million just in March, which was a 200 percent increase since the same month last year.

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