One of Spain’s biggest banks with the largest branch network in the country, CaixaBank recently announced the launch of ‘CaixaBank Pay’, a new mobile application for NFC-enabled Android devices. The app will allow users to make contactless payments at NFC capable POS terminals. According to the bank, more than 70% of stores in Spain have NFC capable POS terminals and that sums up to approximately 600,000 stores. CaixaBank expects that more than 70% of its mobile banking customers will download the app. CaixaBank Pay is based on HCE (Host Card Emulation), a technology that allows a phone to perform card emulation on an NFC-enable device.
CaixaBank Pay has the following features:
- Contactless Payment using a mobile phone at NFC enabled terminals
- Withdrawal of cash at contactless ATMs
- Ability to track monthly statements and expenses within the app
The app can be downloaded within a minute from the Google Play Store or the bank’s app store. After downloading the app, users can download their credit and debits cards on to the app and set a PIN on each of the cards. CaixaBank also guarantees the security of all transactions completed via the mobile app. For all transactions above €20, customers will have to enter their PINs in the POS terminal. CaixaBank Pay is also backed by the CaixaProtect service, which assures full coverage for customers against any e-payments not made by them.
Having been the first bank to use and deploy NFC technology in Spain, CaixaBank has always been trying to provide innovative services to their customers. In 2014, it was the first bank in Europe to launch the Visa branded NFC-enabled wristband. In February 2015, it also launched biometrics-based financial services that enabled bank transactions using voice commands.