BBVA debuts “dynamic CVV” numberless card Aqua
BVA has rolled out a new line of numberless credit cards dubbed “Aqua”, according to a recent announcement on the bank’s blog.
These cards do not have card numbers (PAN), expiry dates and card verification value (CVV) printed on them.
Customers must access BBVA’s mobile app and check the card number, CVV and expiration date when making purchases.
The new Aqua cards feature a dynamic CVV code in order to provide security for online payments.
Alternatively, they can also use the app to make in-store payments.
This functionality is based on cloud technology and advanced cryptographic algorithms to ensure the inviolability of the code generated for the end user.
The new card features a “dynamic CVV code in order to provide security for online payments”.
It is the first Spanish financial institution to deploy the new verification process for electronic transactions included in the Second Payment Services Directive (PSD2).
The card will be issued in recycled plastic, which fulfils BBVA’s objective of reducing environmental impact.
“This initiative goes beyond the launch of a card. It is a new experience for our clients,” explains Gonzalo Rodríguez, director of business development at BBVA in Spain.
“When they access the app, they will first find those services most used to facilitate their procedures, they will have greater control of their expenses, they will be able to choose the payment method they want and have greater security in their online purchases, since the number and CVV do not appear on the cards.”
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BBVA carried out a study based on interviews with 1,000 clients in Spain last December, and developed this new project based on that feedback.
The conclusion is that security, planning and control of expenses and products, as well as the possibility of being able to carry out a large number of operations through mobile phones, are the most valued attributes.
BBVA has already deployed this initiative in Mexico and Turkey.
The bank launched the entire unified payment experience on mobile phones in Mexico.
Throughout the next year, customers in Mexico will have cards with recycled material without PAN or CVV.
Customers in Turkey already have a card without PAN or CVV, and the dynamic CVV will be implemented soon. The goal is to take this same experience to other countries like Peru or Colombia.
The card will be available at the end of October.
Aqua is compatible with all mobile payment systems offered by BBVA, in addition to the bank’s own system, Apple Pay (iOS), Samsung Pay or Google Pay (Android).
It’s an absolute nuisance and complete overkill designed by a power-crazy idiot. What used to take a few seconds now takes several minutes and unnecessarily introduces many potential failure points throughout the process that then needs the entire cycle to be repeated from the beginning. To make an online payment, you have to also log in to the BBVA site as well as the site from which you are trying to make the purchase. After finding the card’s number on the BBVA site, you have to go back to the vendor’s site and enter those details. You also have to request a CVV number. After waiting for a confirmation SMS (which may now involve your phone too if you’ve been making the purchase using a desktop computer), you have to enter this confirmation code into the relevant field on the BBVA site. Only then will you receive a CVV number which you will then need to enter on the vendor’s website. It gets worse: After doing that, you have to wait for the vendor’s process to contact BBVA for payment authorization. You now have to go back to the BBVA site and wait for it to acknowledge the vendor’s request and then ask you to confirm by sending yet another confirmation via SMS to your phone which you have to enter into the relevant field on the BBVA site. Just because banking technology CAN be designed to impose many hurdles when making a simple transaction, doesn’t mean that it should or that’s it’s a good idea. This one is insane.