equensWorldline, a subsidiary of Worldline [Euronext: WLN], the European market leader in payment and transaction services, is supporting Commerzbank with technology based on its mobile payment platform for the launch of Google Pay, Google's mobile payment system, in Germany.
As of June 26th, 2018 Commerzbank customers will be able to use the new service.
From then on, Commerzbank's credit card holders will be able to register their card on Google Wallet and use it to pay for their purchases at cash registers or online via NFC technology. With the support of equensWorldline, Commerzbank will be one of the first financial institutions in Germany to integrate Google Pay.
equensWorldline's mobile payment platform combines both Mastercard's and Visa's tokenization services with the card management and authorization system. Given that Commerzbank also operates the latter with equensWorldline, a full service can be provided at this point. equensWorldline offers users various methods for activating their cards, including the well-established mTAN procedure and "push provisioning" for increased user convenience. The latter solution lets users add and manage one or more cards from mobile banking with immediate effect. The connection to the tokenization services of the schemes prepares the platform for other potential use cases for Commerzbank customers. For example, it allows users to add their digital payment card to other e-wallets or wearables. Applications in the context of the Internet of Things are therefore also conceivable.
The mobile payment platform is certified by both Visa and Mastercard and, in conjunction with their tokenization services and Google Wallet, guides the cardholder's entire registration process. In addition, it secures the authorization of individual payment transactions via smartphone. The lifecycle management of the physical card and the digital variant are coordinated with each other.
Thorsten Reyer, Project Leader Mobile Payment at Commerzbank, says: "With Google Pay, we offer our customers a modern payment method that is simple, fast and secure. In doing so, it was important for us to integrate well-known services such as our banking app into the user experience. With equensWorldline, we have a long-standing, innovative and reliable partner at our side that is needed for such a complex project."
Wolf Kunisch, COO and Deputy CEO at equensWorldline, says: "We are delighted to be able to contribute our technology, experience, and expertise to such an important payment innovation for Germany. In close cooperation with Commerzbank, we have laid the foundations for a modern digital payment experience for Commerzbank customers with the help of the equensWorldline mobile payment platform."
Contributed | what does this mean?