Customers of BBVA bank in Spain can now apply for a ‘blank’ physical and digital payments card with ‘hidden’ credentials and a dynamic CVV code that can be used in credit, debit or prepaid mode.
Garanti BBVA In Turkey launched a mobile-first Bonus Diji credit card earlier this month, but the Aqua card BBVA is launching in Spain is the first to incorporate a dynamic CVV code. Mexico, Peru and Colombia are expected to follow, BBVA says.
“Every time a customer wants to make a purchase, they must access the app (Android or iPhone) and check the card number, CVV and expiration date,” the bank explains.
“This functionality is based on cloud technology and advanced cryptographic algorithms to ensure the inviolability of the code generated for the end user.”
BBVA’s mobile app also offers cardholders a choice of transaction methods, including in-store mobile payments and contactless ATM withdrawals, as well as enabling them to “control all movements and expenses through the app”.
“When they first access the app, [customers] will find the most popular services to facilitate their banking experience, they will have greater control of their expenses, they will be able to choose the payment method they want and have greater security in their online purchases, since the number and CVV do not appear on the cards,” says Gonzalo Rodríguez, head of business development at BBVA in Spain.
“The bank launched the entire unified payment experience on mobile phones in Mexico, and throughout the next year, customers in this country will have cards made of recycled materials without a PAN or CVV,” BBVA adds.
“Customers in Turkey already have a card without a PAN or CVV and the dynamic CVV will be implemented soon. The goal is to bring this same experience to other countries like Peru and Colombia as well.”