17/04/2014 Banking Innovation

About

BBVA Wallet is your wallet on the go, with value added banking services, savings and promotions.

Innovation presentation

BBVA is the first bank to launch a smart, online, virtual wallet in Spain. The BBVA Wallet is a free multi-lingual smartphone application, which is available on Android and iOS. It allows BBVA customers to have a holistic view on all of their BBVA-branded payment cards and 100% control over their finances and spending at anywhere and anytime. It is fully interlinked and integrated with the BBVA online banking platform.

BBVA Wallet permits BBVA customers to digitally manage their BBVA-branded debit, credit and corporate payments cards in one place. The smartphone app offers various capabilities, from viewing payment transactions records, to creating photo receipts and personalised financing solutions. Users also have the option to apply for a NFC BBVA Wallet sticker, which permits them to make purchases at physical stores their smartphone at point-of-sale terminals supported by contactless payment technology.

Alternatively, BBVA Wallet users can shop online with their virtual BBVA Wallet card. This pre-paid card can be topped up manually or linked to an existing BBVA bank account or payment card to settle invoices by direct debit.

In addition, BBVA Wallet users can activate and block their BBVA-branded payment cards via the smartphone app without geographic and time constraints. Different timely promotional offers are also available with payments made using BBVA Wallet. For example, users can earn a 5% discount for petrol purchases at any Repsol gas station based in Spain.

Uniqueness of the project

• User friendly: The BBVA Wallet app can be downloaded from the app store on iTunes, Google Play, or by QR code and is fully integrated with the BBVA online banking platform to enable customers to use the same set of log-in details. The smartphone app is available in English, Castilian and Catalonian Spanish, serving a wide range of customers in Spain. First-time users can access a video demonstration via the BBVA Wallet app

• Convenient and efficient: Users can activate or block BBVA payment cards without visiting a BBVA ATM or branch office, which has dramatically improved both the physical and virtual services

• Customisation: BBVA Wallet users can personalise the name of their BBVA payment cards

• Full control over personal finances and spending: Users can view the details of their active BBVA payment cards – such as card number, expiry date and CVV codes – as well as transaction records while they are on the go. They can also receive a personalised financing offer with BBVA credit cards

• Geolocaton: Payments can all be located via a map, while physical receipts of purchases on the BBVA Wallet can be saved as photos

• Payment security: A virtual prepaid card (BBVA Wallet card) is automatically assigned to each BBVA Wallet user. The BBVA wallet card can be manually topped up anywhere and anytime when it is linked to an existing BBVA bank account or payment card. Push notifications are generated with every transaction made using a BBVA payment card

• Mobile payments: Purchases can be made through smartphones using the BBVA Wallet NFC sticker whenever a physical store has contactless technology-enabled point-of-sale system. No PIN is required for purchases of less than €20 when a user pays in this way.

In-Depth Analysis

The Reason Behind

Technology has been transforming many sectors in the last decade and this is no exception in the banking and financial services industry. Non-bank, digital competitors and technology giants – such as Amazon, Google and PayPal – are venturing into the payments arena as new entrants. Banks have to seize their current competitive advantage in customer databases, finance and secured payment capabilities to reinvent themselves to prevent extinction.

BBVA has been investing heavily in both innovation and technology over the past six years to anticipate and advance the digital transformation. Through BBVA Wallet, the bank is able to provide a new banking service that could meet and respond to the new genre and profile of customers. BBVA Wallet is one of the many examples of how BBVA is capitalising on technology to provide a seamless omni-channel for its customers. BBVA aims to double its online customers and quadruple its mobile banking customers by 2016.

Results

• 3,000% increase in the number of users in the first three months after the product was launched

• More than 5,000 apps were downloaded to smartphones the first day BBVA Wallet became available to the public. Today, the number of smartphone app downloads has almost passed 150,000

• 1,000 out of 1,735 users have given the BBVA Wallet app five stars in Google Play reviews

• More than 25,000 NFC stickers for BBVA Wallet cards have been contracted since the product was launched in Spain

• BBVA Wallet was the winner in the Mobile Payment category at the Contactless & Mobile Awards, which were sponsored by Visa and Samsung.

Innovation Info

Key Dates

  • Launch date 12 March 2013

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