Popular to Compete Against Samsung Pay With its Own Android Application
Mobile Wallets is One of Three Payment Projects Bank Will Launch in 2016
Popular—which in 1983 became a pioneer in banking technology when it launched the first debit card and automated-teller machine (ATM) network in Puerto Rico (known as ATH, or A Toda Hora; At Any Hour)—plans to maintain its leadership position as a bank innovator with the introduction of three new technological projects this year, which it says will revolutionize Puerto Rico’s financial industry.
The three projects are: Mobile Wallets, a digital payments system similar to Apple Pay and Samsung Pay that allows users to pay electronically at the cash register with their smartphones; a new cardless cash-access service that does not require the use of a debit or credit card when using an ATM; and the integration of Popular’s ATH Móvil app into Mi Banco Móvil.
“In 2016, we will be bringing services and technological advances that will change the way we make payments between individuals and businesses. We are committed to continue developing innovative, safe products of the highest quality with local talent to place us on par with global institutions,” Camille Burckhart, Popular chief information & digital strategy officer, told Caribbean Business. “This vision and work in development is a product of that commitment.”
Mobile Wallets will allow Banco Popular credit card clients with Android smartphones to make their payments by simply scanning their mobile devices on payment terminals with the Near Field Communication (NFC) system.
“Mobile Wallets is currently in its final testing phase and will be available soon,” the Popular executive noted.
Cardless cash access
With the cardless cash-access service, Popular will expand the prototype announced jointly with Diebold last November at the Money 2020 conference—one of the top events in the U.S. financial industry.
“This service will allow bank clients to connect to Mi Banco Móvil and indicate their need to withdraw cash. Once clients reach the nearest ATM, they can withdraw the money in seconds without having to insert their ATH debit or credit cards into the machine,” Burckhart explained.
Recognizing the success the ATH Móvil app has had, and in an effort to provide greater convenience to bank clients, Popular is integrating this service to the Mi Banco Móvil app.
“This will allow clients to pay other individuals instantly through ATH Móvil directly from the Mi Banco Móvil app,” Burckhart said.
Mi Banco Móvil has 600,000 clients and 67% of them complete their banking transactions through the app, she noted.
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