February 18, 2014
In 2013, Spanish lender Banktinker and Seglan developed a mobile based payment solution to enable customers to securely and instantly create a onetime-use debit or credit card on their smartphone. Bankinter has now announced that the Mobile Virtual Card (MVC) solution is now ready for commercial launch around Q2/Q3 2014.
MVC is a technology allowing a multiplicity of different implementations, said Jacobo Díaz, Director of Innovation at Bankinter. 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.
Blackberry has been the company leading Host Card Emulation technology, and we are glad to recognize their major contribution to HCE-based mobile payments. Google later announcement (Nov/13) about HCE support on their new Android 4.4 Kit Kat operating system has allowed us to build a wide enough commercial proposal for our customers. We are convinced that iOS and Windows Phone will incorporate HCE very soon, said Diaz. The Mobile Virtual Card solution eliminates the main difficulties that have slowed the commercial launch of NFC payments and make it in compatibility with the standards of the financial industry on which many banks have invested along the last 10 years he added.