CaixaBank broadens its mobile payment service range with the launch of 'CaixaBank Pay', a new app for any NFC-enabled or android devices. The bank, headed by Isidro Fainé as chairman and Gonzalo Gortázar as CEO, estimates that the service could be used by more than 70% of its mobile banking customers.
With the new payment app, customers can download their CaixaBank Visa cards to their mobile phones and use the phone like a contactless card for purchases at any retail outlooks with an adapted POS terminal. Over 70% of stores in Spain now operate with this technology, implying more than 600,000 POS terminals. The app can also be used at contactless ATMs.
The new app is based on HCE (Host Card Emulation) technology, which allows for secure downloading of financial cards. This way, CaixaBank Pay makes it easy for any customer with a CaixaBank Visa card and Android phone to make payments, irrespective of their telecommunications operator. The only technical requirements are to have an Android 4.4 or higher operating system and NFC capability.
Mobile phone download of CaixaBank cards in less than a minute
To use the service, customers must first download the CaixaBank Pay app, available free from the bank's app store, CaixaMóvil Store, and Google Play.
Then, they must download their card to their phone. This is a quick and easy process carried out using the CaixaBank Pay app. Customers choose the cards they want on their phones and then a PIN. The download starts automatically and the card is available for use in a matter of seconds.
Customers can download all their CaixaBank cards to their phones. The service is available for all Visa credit, revolving and debit cards issued by the bank.
Payment at stores and new features
With CaixaBank Pay, paying with a mobile phone is like paying with a contactless card. Customers only need to turn their screen on (Android requirement for any NFC data transmission) and hold their phone close to the POS terminal.
In addition to making payments, CaixaBank Pay users can also check their statements and manage their purchases. For instance, customers can see how much credit they have available and check the latest movements on the cards.
CaixaBank Pay will add new m-commerce payment functionalities, offering users a more flexible online shopping experience with their phones. CaixaBank is also developing other value-added services related to mobile payments for the app.
Security guaranteed
CaixaBank Pay offers all the guarantees of security of the bank's cards. Just like with the cards, data are transmitted securely. For amounts over 20 customers must key in their PINs in the POS terminal.
In addition, when customers make a mobile payment, of any amount, they receive an alert when the transaction has been completed.
Meanwhile, the CaixaProtect service, which guarantees the security of CaixaBank's cards, online banking and mobile banking, assures full coverage of customers against any e-payments not made by them.
CaixaBank, the digital banking leader
CaixaBank is the mobile and e-banking leader in Spain. Some 2.6 million CaixaBank customers do their banking habitually through Línea Abierta Móvil, while the bank registers more than 160 mobile transactions a month, of which 36% involve the movement of funds. It also has more than 65 apps and 3 million downloads a year.
CaixaBank is also the Spanish electronic banking leader, with over 14 million cards issued (including all types), nearly 10,000 ATMs the largest ATM network in the country- and turnover in card purchases and cash withdrawals of over 50,000 million in the past 12 months.
It was the first bank to use NFC payments in Spain and the first to being deploying contactless technology for individuals and business. CaixaBank also offers other electronic payment formats, such as stickers or bracelets.
World's best in mobile banking
CaixaBank is considered one of the leaders in mobile financial services. According to the "2015 Global Mobile Banking Functionality Benchmark" report by Forrester, after evaluating the applications of 41 large retail banks around the world, CaixaBank was rated the world's best in mobile banking.
This recognition comes on top of other international awards garnered by the bank's innovation strategy. Recently, CaixaBank received the special Honorable Mention for Innovative Spirit Award at the 2014 Global Banking Innovation Awards.
