Capital One releases contactless mobile shopping app with tokenised security

Source: Capital One

Today, Capital One announced the latest in mobile payment innovation as the first U.S. bank to enable contactless mobile payment capability in its mobile app, Capital One Wallet, leveraging the MasterCard Digital Enablement Service (MDES) and Visa Token Service (VTS) platforms.

This new solution is another example of Capital One offering choices to people and making their customers’ lives easier.

This mobile payments solution comes as an update to the Capital One Wallet app, which is designed to help customers stay on top of their spending and get the most from their credit card rewards. Capital One customers are able to use their credit and debit cards directly from their phones to make contactless payments for purchases at many of their favorite retailers.

So how does this work?

Capital One will use NFC enabled Android phones to transmit a secure payment token to the point of sale. These are accepted anywhere contactless payments are accepted. Any user with an Android phone using an operating system v4.4 (Kit Kat) or higher and with NFC, can now use the Capital One Wallet app to pay for goods and services directly at the point of sale. This includes almost all new Android smartphones offered today.

What else is helpful about the Capital One Wallet?

Besides payments, the Capital One Wallet app offers additional valuable features that help customers manage their spending, including real-time notifications for all transactions, instant rewards redemption options, and easy access to balance and transaction history.

"A digital wallet is a natural extension of the trusted relationship a consumer has with their bank. We are pleased to partner with Capital One to enable their digital wallet through MDES, and to deliver new capabilities that maintain the service and security their MasterCard cardholders have come to expect," said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard. "Capital One's digital solution creates a seamless consumer experience and delivers a compelling payment choice for their customers."

“In the U.S., consumers now have more options than ever to pay with mobile devices at the point of sale - whether it is in a taxi, store, coffee shop or at the gas station,” said Jim McCarthy, Executive Vice President, Innovation and Strategic Partnerships, Visa Inc. “ Visa Token Service gives Capital One customers the peace of mind to pay safely and conveniently with just a tap wherever they are in the world.”

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