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January 31, 2019

BPP Pay Brazil: new digital wallet hits the market

By Briony Richter

BBP Pay Brazil is now live, becoming the first and only Brazilian mobile wallet with token based contactless payment technology.

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BPP is a fintech company that specialises in developing innovative electronic payments solutions.

The fintech, via its subsidiary, BPP International, is also looking at the Latin American market. The region’s demand for mobile wallets like BPP Pay, has increased significantly over recent years. Many of the countries in this region have not yet had access to Samsung Pay or Google Pay.

After a rigorous testing phase, the BPP Pay Brazil is now accessible for BPP customers. For now, the wallet accepts only cards issued by BPP.

Currently BPP has more than one 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.

Júnior, Products Director of BPP, José de Carvalho, stated: “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.”

Brazilian payments sector desires digital

According to the BPP executive, the storage of the cards in the digital wallet facilitates and expedites the cards’ use. It also ensures greater security as it has certified tokenisation 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. It’s designed to allow customers to make purchases without exposing details that could be compromised by fraudsters. This 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.

Vice president of New Business at Visa do Brasil, Eduardo Abreu, said: “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.

According to Worldpay’s Global Payments Report 2017, the use of the digital wallets in Brazil is expected to double, from 15% to 31% in 2021.

Free Whitepaper
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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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