BBVA has launched a unique line of cards in Spain where for the first time the CVV is dynamic, proving greater security for all ‘online’ operations.
Every time a customer wants to make a purchase, they must access the ‘app’ (Android and iPhone) and check the card number, CVV and expiration date.
This functionality is based on ‘cloud’ technology and advanced cryptographic algorithms to ensure the inviolability of the code generated for the end user.
In this way, BBVA goes beyond the changes introduced by PSD2 in terms of security. The bank was the first Spanish financial institution to massively deploy the new verification process for electronic transactions included in the European payments regulations (PSD2), which requires double authentication of the customer for purchases on the Internet.
To reinforce its security Aqua has introduced new elements, CVV code but does not contain card numbers (PAN) or expiration dates printed on the cards. This feature has increased the security level. If the customer loses the card no one will be able to use the same data to make online payments. The card has a debit, credit and prepaid mode.
Customers must access the app and check the card number, CVV and expiration date before making a purchase.
The card will be available at the end of October 2020 and will be compatible with all mobile payment systems offered by BBVA. In addition, Apple Pay, Samsung Pay, and Google Pay will also be supported.
“This initiative goes beyond the launch of a card. It is a new experience for our clients. When they first access the ‘app’, they 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”, explains Gonzalo Rodríguez, Head of Business Development at BBVA in Spain.
“But it is a global project, since with the Aqua card the objective is to change customer experiences in the world of payment methods”, adds Gonzalo Rodríguez.
