Friday , October 7 2022

BAC Credomatic launches new method of Mobile Payment without Contact



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The digital transformation at BAC Credomatic advances and materializes positive results for the business and its customers. With the aim of being an increasingly simple, accessible and digital bank, it leads efforts and strategies across the organization, from culture to multiple technology investments.

In this way, the bank has succeeded in deepening its relationship with its customers by positioning products and services in digital media, migrating services from traditional channels to digital channels, a means by which its customers prefer to be served thanks to its convenience and efficiency.

As part of this strategy, BAC Credomatic is launching its new Non-Contact Mobile Payment method, which allows easy and secure payments without the need to deliver the card, only bringing it to the point of sale.

Using NFC (Near Field Communication) technology, Visa and credit card users and a mobile phone with the Android operating system can pay at affiliate retailers as of July 29.

With this implementation, holders of BAC Credit Cards are the first in Panama to enjoy the freedom to pay for their purchases through their mobile phone, with greater convenience, easily, securely and quickly.

For José Manuel Páez, regional director of digital transformation at BAC Credomatic, this implementation is an important milestone as part of his innovation and digital adoption strategy: "In 2014 we took the first step with fingerprint and Face ID (face recognition). to enter our Mobile Banking. With NFC technology we confirm that we are still pioneers in implementing new technologies in the region, "he said.

Near Field Communication (NFC) is a wireless technology that relies on the proximity of two devices to exchange data.

To make contactless payments via cellphone, you just have to bring the cellphone to the point of sale and nothing else!

About Mobile Payment without Contact


The Contact Payment feature is available to users of Android 6.0 phones with NFC technology

The Contact Payment feature is available to users of Android 6.0 phones with NFC (Near Field Communication) technology.

Customers must first download or update the new BAC Credit Card Mobile Banking App, available in the Google Play store, and link the Visa credit or debit card that will be used for these types of payments. It's an easy and simple process that guides users step-by-step to activate "Contact Payments". from the pp Mobile Banking

When paying, the user must unlock the phone with its security mechanism (pin, fingerprint or pattern), make sure that NFC feature is activated and bring the phone to the point of sale to make the payment.

Contactless mobile payment at affiliate merchants

Now BAC Credit Union affiliate marketers can process their charges with this technology, which allows them to significantly minimize waiting times in a row, as customers only need to bring the handset a few inches from the terminal to process the transaction.

Cardholders can make Contact Payments at any store that has outlets with "contactless" technology or without contact which are identified with the symbol. At BAC Credit Union all the bank's outlets in stores have this technology.

When displayed in store, contactless contact means the establishment accepts contact payments.

The wireless payment symbol tells the card owner where to put their card or cellphone in the terminal to make contact without contact.

BAC Credomatic has more than 15,500 affiliates throughout Panama, for example: supermarket chains, pharmacies, retail outlets, warehouses, restaurants, cafes, among others, so the positive impact of this implementation is immediate for its customers. business partners

Secure transactions

Security is an important aspect for BAC CredentialsIn this sense, the Contact Payment feature uses the digital token mechanism that encrypts the card information. Additionally, you cannot activate or make Payments without Contact unless the phone has a security device (pin, pattern or fingerprint).

Whenever a user tries to make a payment, it requires unlocking the phone from the security device, to bring it closer to the counter and make the payment. If the phone approaches the point of sale without unlocking it, it will give an error message and the transaction will not be completed.

Additionally, contactless cards have the same security standards as a transaction for chip, where the information transmitted to the point of sale travels in encrypted form.

It is important to know that the above conditions generate security standards for users, because, if the mobile device is stolen or lost, no contact payments can be made through the mobile banking application.

New features of the mobile banking application

The importance of the mobile channel grows as the digital population in Panama grows and mobile devices become a tool for everyday use. Similarly, the application of & # 39; Mobile Banking & # 39; is becoming an increasingly indispensable tool for clients that helps manage their personal finances and financial products.

In addition to the new method of Mobile Payment without Contact, BAC Credomatic introduces its revamped mobile application, with which users have more options and functionality, such as: interbank transfer (ACH) to other banks (available for Android ), share goodies For transfers via WhatsApp, email or other messaging app, contact customer service channels by email or phone call, among others.

Additionally, the application offers a new consolidated view of all products including bank accounts, credit cards, deposit certificates, among others. This generates sync without having to move between tabs, giving customers better browsing and usable experience.

Also, customers will be able to set up their Object Account. and plan their savings by creating goals for their goals: travel, special purchases, tuition fees and any other short or medium term.

In the future, the bank will continue to innovate on its digital platforms to provide the best user experience. BAC Credomatic is always at the forefront of systems and technology to offer simple, accessible and fast solutions.

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