Insider Business Bank of Cyprus launches Wallet app

Bank of Cyprus launches Wallet app

The Bank of Cyprus announced on Thursday the launch of its new Wallet App.

Customers can download the BoC Wallet App to their mobile phone and follow the on-screen instructions to register the number or numbers of their Bank of Cyprus Visa card(s).

The BoC Wallet App is available for Android devices with OS 5.0+, is offered free of charge and applies to Bank of Cyprus cards only.

Bank of Cyprus press release:

 How do I pay with the BoC Wallet App?

  • For transactions under €20, activate the screen of your mobile phone and hold it over the merchant’s POS terminal with the screen facing up. The BoC Wallet App is immediately activated and the transaction is completed.
  • For transactions over €20, follow the same steps, except here you will need to enter your card’s PIN for the transaction to be approved and then place your mobile device over the reader of the merchant’s POS terminal once again to complete the transaction.

Contactless payments using mobile phones are the future in payments, and hence the special importance of the roll-out of the BoC Wallet App by the Bank of Cyprus. It is part of the bank’s digital transformation and it’s Digital Strategy, aiming to provide customers the most up-to-date services.

A new era in payments

Dr. Charis Pouangare, Director of Consumer & SME Banking, stated: “This important new service is part of the roll-out of our digital strategy and the provision of digital products to our customers. The BoC Wallet app is a digital wallet, which you can download and install for free from Google Store, in which users can register all their Visa card number or numbers. This way, when making a purchase at any merchant in Cyprus or overseas, rather than use your physical plastic card, users can simply hold their mobile phone over the POS terminal and carry out their transaction quickly, easily and securely. The Boc Wallet App provides enhanced security through its use of Tokenization technology, meaning that a user’s card details are encrypted and are not stored on the app or anywhere on the mobile device. The BoC Wallet App is intended for all holders of Bank of Cyprus Visa cards who own an Android Smartphone.”

For her part, Andreana Pappas, Visa Country Manager, Cyprus said: “The payments industry has grown into a very challenging environment in recent years, as the shift from plastic to digital has accelerated. Visa’s mission is to ensure that any connected device used for payments is a secure place for commerce, and that’s why we constantly work to develop new security-led products and features, such as the Visa Token Service. We are proud to launch together with Bank of Cyprus their issuer wallet using Visa tokenization platform. This is a significant step forward in our long standing partnership with Bank of Cyprus, as Bank of Cyprus Visa cardholders will now be able to use their phones to pay easily and securely at millions of merchants that accept contactless payment across the globe. As Cypriots enthusiastically adopted the contactless technology in recent years, we are confident that this mobile wallet could quickly become a success. The digital wallet launched today is only the beginning, because we believe that tokenization will be a key component in the future of digital payments, unlocking the potential to offer safe and simple payment forms regardless of the device or shopping channel”.

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