BBVA is exporting its Aqua card model to Latin America after issuing one million of the dynamic CVV cards in Spain.
Aqua replaces the card's CVV with a dynamic security code that changes randomly in the BBVA app every few minutes, reducing fraud and increasing security in e-commerce purchases. The next generation card also eliminates the PAN number and expiration date, thus preventing others from using them in case of loss or theft.
BBVA says the numberless card, which is made of recycled plastic, is being adopted at an "extraordinarily" fast pace. In Mexico alone, more than one million cards have been issued since its launch in June. In Peru and Colombia, dynamic CVV has been established and data-free cards will be introduced in the coming months.
“In addition to renewing our cards´ value proposition, with Aqua we are unifying our customer´s mobile experience in all our geographical areas,” explains Jorge Moreno, BBVA´s head of digital payment solutions. “And we are proud to see that, while respecting the differences between countries, this new generation of cards has been launched faster than we had expected.”
This speed has been possible thanks to the reuse and evolution of software, components and developments, he says.
"From the beginning, the conceptualisation of Aqua's new value proposition was worked on globally with local teams,” adds Moreno. “This allowed us to work in parallel with greater capacity and to reuse designs and developments.”