BPC Banking Technologies, the leading provider of Open System e-payment solutions for the global financial industry, announces that it has completed the first certified Visa PayWave launch in Russia, representing the latest step in Alfa-Bank's implementation of chip technology.
Now, with the help of BPC's SmartVista Alfa-Bank's customers can enjoy the speed and convenience of contactless payments at the point of sale. Low value transactions can be completed in less than a second, without the need for a PIN or signature.
BPC's SmartIssuer, part of the SmartVista suite, supports full end-to-end card management including rapid product development, application processing, cardholder servicing and, in conjunction with SmartPro, card personalization and production for all card types, including EMV. Implementation of the Visa PayWave project at Alfa-Bank took only three months to complete.
With Visa PayWave, low value transactions can be made in less than a second without the need for a. PIN or signature. All cardholders need to do, to pay for goods or services, is to wave the card at special adapted PayWave card readers at the point of sale. The payment transaction is processed as a normal Visa transaction. For cardholders, it's many times faster than paying with cash as well as being more convenient and secure. The PayWave chip provides high levels of security to guard against fraudulent transactions with 128-bit technology that generates unique cryptograms for each transaction.
"Thanks to the experience of BPC's team this project was completed in a few short months and at the highest quality level," commented Andrey Eramov, Head of Card processing center development department, Alfa-Bank.
"We are pleased to be part of another ground breaking project in the Russian market. Our product strategy ensures that SmartVista suite is always able to support the latest payment innovations, which in turn allows our customers to maintain their competitive advantage and speed to market." added Vasily Grigoriev, CEO, BPC Banking Technologies.