Spain’s bank Bankinter will commercially release an NFC mobile payments service during the second or third quarter of 2014, which enables customers to securely and instantly create a onetime-use debit or credit card on their mobile phone.
This onetime-use debit or credit card can be used for both mobile commerce transactions and contactless payments in stores, according to Bankinter.
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The technology uses of secure virtualisation techniques and two factor authentications process which set the basis for an appropriate security on mobile payments.
Bankinter innovation, products, markets and quality director, Jacobo Díaz, said that MVC is a technology allowing a multiplicity of different implementations.
"We have dedicated an entire year to reach the adequate security level for EMV on line payments, based on the results of the ‘risk assessment’ process performed by Fraunhofer AISEC laboratory."
In order to use the service, a customer will have to download the MVC application on a smartphone and securely register, through either web, phone banking or at the banking branch. Users can now use one or several of their existing credit or debit cards for EMV mobile payments at merchant locations.
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By GlobalDataThe technology does not need any changes to the existing acceptance infrastructure (POS terminals) for NFC proximity payments, and does not required network connectivity at the time of payment, which is a major benefit in terms of both usability and performance.
Additionally, the technology enables the bank to autonomously identify its own business model and brand image in mobile payment media, without entering into an agreement with third parties.
