BPP, a fintech company specialized in developing innovative electronic payments solutions, launches its digital wallet to the market.
Known as BPP Pay, the app becomes the first and only Brazilian mobile wallet with token based contactless payment technology.
The fintech, via its subsidiary, BPP International, is also looking at the Latin American market as the region’s demand for mobile wallets like BPP Pay, has increased, since many of the countries in this region have not yet had access to Samsung Pay or Google Pay.
After a rigorous testing phase, the digital wallet can now be used by BPP customers. For now, the wallet accepts only cards issued by BPP. The Fintech currently has more than 1 million customers. At first, the service is only available to customers who own the Android operating system. In a second phase, it will also be available to Apple’s iOS customers.
“The Brazilian market has grown in relation to mobile transactions. The Brazilian is very adherent to these new technologies and forms of payment. We are again innovating in the environment in which we operate, "says José de Carvalho Júnior, Products Director of BPP.
According to the executive, the storage of the cards in the digital wallet facilitates and expedites the cards’ use, and ensures greater security, as it is equipped with certified tokenization services. Convenience is also one of the strongest attributes of the wallet, as customers can use BPP Pay’s contactless payments technology.
BPP Pay is supported by the Visa Token Service (VTS) technology, designed to allow you to make purchases without exposing details that could be compromised by fraudsters. This innovative Visa technology replaces important information such as the 16-digit card, expiration date, and security code with a unique digital identifier called a Payment Token - enabling safer purchases on mobile devices.
Eduardo Abreu, vice president of New Business at Visa do Brasil, says: "Consumers want to pay fast, in a secure and seamless manner, and their expectations in the retail environment are higher than ever. The prepaid card has financially and digitally included thousands of people. With BPP Pay, they can initiate a payment with their own mobile device in a matter of seconds."
With the BPP Pay application it is also possible to make payments via QR Code and the transaction authenticated via PIN or biometrics (finger print or facial recognition), depending on the smartphone’s capabilities.
Surveys pointed out that there are many advantages that mobile payment can provide, and the biggest one is that digital wallets are more practical.
According to Worldpay's Global Payments Report 2017, the use of the digital wallets in Brazil is expected to double, from 15% (current data) to 31% in 2021.
Looking at Visa data regarding the adoption and use of the mobile Pays (Samsung, Google, Apple), confirms that the growth curve of the number of Visa transactions with the mobile Pays between the first six months of 2017, with the same period in 2018, is over 431%. Volume growth was also significant: the value transacted by this solution grew 372%.
The technology used in the development of the new wallet, puts BPP at the level of BigTechs.