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Mobile Payments

Danish local and regional banks launch mobile wallet

Thursday 30 June 2016 | 01:07 PM CET

Nets has been selected by the BOKIS partnership to launch a NFC mobile wallet solution powered by its HCE and tokenisation platform.

The BOKIS partnership includes 62 banks that form the small to mid-sized banks segment of the Association of Local Banks, Savings Banks and Cooperative Banks in Denmark, together with five Danish regional banks: Jyske Bank, Sydbank, Spar Nord Bank, Arbejdernes Landsbank and Nykredit Bank.

The BOKIS mobile wallet solution will be available to all customers of participating banks, which collectively represent a significant proportion of Danish cardholders.

Nets’ HCE and tokenisation platform provides Nordic banks, like those taking part in the BOKIS partnership, with an open and integrated transaction security capability which dramatically simplifies the process of supporting or deploying mobile payment solutions. The platform is based on internationally recognised security standards and enables banks to quickly and easily introduce HCE and tokenisation into their own mobile payment solutions, reducing time-to-market and streamlining what can be a long and complicated process.

More than that, when Danish customers perform a mobile payment with their digital wallet, Nets uses HCE and tokenisation to ensure that the transaction is handled securely. The payment credentials stored in the mobile device are replaced at the point of transmission with a unique randomly generated identifier, or token, ensuring the information exchanged between phone and terminal doesn’t contain sensitive data.

Instead, the token is sent via the terminal to Nets, which centrally exchanges it with the correct account information (PAN-number) and debits the corresponding account, similarly to when it is processing a conventional card payment. This model mimics the current tap-and-go payment that consumers experience today with their contactless cards.

HCE and tokenisation together provide the technology platform used to support the domestic scheme in Denmark, Dankort, which will be available on the mobile this autumn.

Nets is specialised in powering digital payments. They connect banks, businesses and consumers via an international network facilitating digital payments. Spanning across the Nordic region, they provide a broad range of card services, account services, and payment solutions for merchants.

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