NFC TIMES Exclusive Insight – The recent announcement by large Spain-based banking group BBVA of plans to enable more banks across its footprint in Latin America to roll out the NFC-enabled BBVA Wallet as part of their banking apps could run into problems, given trends for low take-up of bank-issued NFC wallets.
BBVA is promoting use of tokenization technology from Visa and Mastercard as part of its new “global payment platform,” and notes that it will continue to support the international Pays wallets and NFC payments on wearables in markets where these services are available.
Besides its flagship bank in Spain and BBVA Continental bank of Peru–the latter launching the NFC-enabled BBVA Wallet last year–BBVA group says other banks will get the NFC technology in “coming months.” BBVA also has major operations in Mexico, Argentina, Colombia and Chile where it could enable its BBVA Wallet for NFC payments.