Fibank has grown its payment options, through providing its customers with the opportunity to digitise their Visa debit or credit cards using the Google Pay service.
The move accelerates the availability of contactless payments at points of sale (POS) in physical stores, allowing in-app purchases using Android apps, or card payments at online merchants.
Mobile devices must be running Android version Lollipop 5.0 or higher and have Google Play Services; for making contactless payments in retail outlets they also need to be NFC-enabled.
As part of the launch, Fibank’s Google Pay service is using Visa’s tokenisation technology. This technology replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier ‘token’ that can be used to process payments without exposing actual account details.
The partnership between Fibank and Google using Visa’s technology for tokenisation is a logical continuation of the emerging trend for digitization of banking products, services and means of payment. A month ago, the bank in cooperation with Visa launched a project for contactless payments with Fitbit smart watches.