BBVA debuts “dynamic CVV” numberless card Aqua
BVA has rolled out a new line of numberless credit cards dubbed “Aqua”, according to a recent announcement on the bank’s blog.
These cards do not have card numbers (PAN), expiry dates and card verification value (CVV) printed on them.
Customers must access BBVA’s mobile app and check the card number, CVV and expiration date when making purchases.
Alternatively, they can also use the app to make in-store payments.
This functionality is based on cloud technology and advanced cryptographic algorithms to ensure the inviolability of the code generated for the end user.
The new card features a “dynamic CVV code in order to provide security for online payments”.
It is the first Spanish financial institution to deploy the new verification process for electronic transactions included in the Second Payment Services Directive (PSD2).
The card will be issued in recycled plastic, which fulfils BBVA’s objective of reducing environmental impact.
“This initiative goes beyond the launch of a card. It is a new experience for our clients,” explains Gonzalo Rodríguez, director of business development at BBVA in Spain.
“When they access the app, they will first find those services most used to facilitate their procedures, 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.”
BBVA carried out a study based on interviews with 1,000 clients in Spain last December, and developed this new project based on that feedback.
The conclusion is that security, planning and control of expenses and products, as well as the possibility of being able to carry out a large number of operations through mobile phones, are the most valued attributes.
BBVA has already deployed this initiative in Mexico and Turkey.
The bank launched the entire unified payment experience on mobile phones in Mexico.
Throughout the next year, customers in Mexico will have cards with recycled material without PAN or CVV.
Customers in Turkey already have a card without PAN or CVV, and the dynamic CVV will be implemented soon. The goal is to take this same experience to other countries like Peru or Colombia.
The card will be available at the end of October.
Aqua is compatible with all mobile payment systems offered by BBVA, in addition to the bank’s own system, Apple Pay (iOS), Samsung Pay or Google Pay (Android).