First Investment Bank AD of Bulgaria has chosen to cooperate with MeaWallet to bring mobile NFC payments to their existing mobile bank users.
The innovative mobile payment service is based on mobile virtual payment cards using cloud based security and Host Card Emulation (HCE) technology. The end users just tap their smartphone at the merchant NFC-enabled POS-terminal to complete the payment. The service will work at all merchants that accept MasterCard PayPass and Visa payWave payment transactions.
This will be one of the first commercial cloud based NFC banking projects in Europe and the plan for launch is after summer. The mobile bank users will be able to use the service globally at all EMV contactless compliant POS terminals covering millions of merchants.
“First Investment Bank AD is seen as one of the most innovative banks in the Balkan region. With the MeaWallet mobile payment service we will give our customers an attractive, secure and easy to use service to complement our already popular mobile banking app,” says Mr. Svetoslav Moldovansky, Executive Director at First Investment Bank AD.
The popular mobile bank app will add mobile NFC payment from MeaWallet to existing use cases such as accounts balance and transaction history, bills payments, person-to-person payment and communication services. For future discussions is also to use the app for mobile payment for m- and e-commerce purchases.
“The partnership with First Investment Bank AD, which is a first mover and trendsetter in Bulgaria, further proof that our mobile technology platform and strategy, and in particular our focus on cloud based mobile payment solutions, including techniques like tokenisation, HCE and NFC, is paying off. We look forward partnering with the bank, and to support them on their continuous journey of enabling attractive and innovative mobile financial services”, says Lars Sandtorv, CEO at MeaWallet.