RCB Bank and EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced the bank’s successful implementation of the ProximityPayEdge Digital Payments solution, to provide RCB’s customers with a digital wallet for secure contactless payments.
ProximityPayEdge supports multiple card schemes and can be used for any channel that accepts NFC-based payments. This solution was chosen for its ease of use, flexibility of deployment, and its end-to-end security features.
RCB Bank is the first bank in Cyprus to offer a contactless digital wallet using tokenization, powered by the ProximityPayEdge solution. The RCB Digital Wallet is built on a highly secure Visa tokenization framework which allows customers to securely tap and pay in-store using their Android smartphone.
Through this solution, RCB Bank will be able to improve customer loyalty and increase engagement and transaction volumes. In addition, the bank will be able to get better customer insights to customize its offering and services.
Highlights
- Payments through the digital wallet will be more secure than plastic card transactions, as the card details are not transmitted during the payment process
- Customers can add existing Visa cards, without the bank issuing new contactless cards.
Viktor Levytskyi, Head of Digital Banking at RCB Bank, said, “Customers increasingly want easy, on-the-go payments without compromising on security. ProximityPayEdge has facilitated rapid roll-out of our app and provided seamless integration with our existing offerings.”
Mohit Joshi, President and Head BFSI, Infosys, said, “We are excited to partner with RCB to launch a secure, digital payments experience for their customers. ProximityPayEdge will help to provide improved customer insight as well as boost engagement and loyalty, and customers can enjoy safer, simpler transactions. With ProximityPayEdge and Infosys’ Digital Payments expertise, we have now seamlessly integrated multiple tokenization solutions to help global banks improve customer experience securely.”
RCB Bank Ltd was established on August 1st 1995, is one of the largest banks in Cyprus and among the European significant Banks, which are under the direct supervision of the European Central Bank through the SSM mechanism. The Bank operates branches in Nicosia, Limassol, Larnaca, Pafos and Luxembourg.
ProximityPayEdge is a one-click mobile payments solution. We provide an HCE based, issuer branded, NFC enabled, contactless mobile payment application that comes pre-integrated with Visa Token Service and Mastercard Digital Enablement Solution. ProximityPayEdge supports any type of card such as a credit, debit or a prepaid card as long as the issuer banking systems support these card types. The product is certified by Visa. ProximityPayEdge can be leveraged for any channel that accepts NFC based payments. An extension of the solution can also be used for other industry segments such as travel based solutions and parking fee or toll payments.
