Tuesday, July 23, 2024

BancNet mobile banking ventures to help promote non-cash payment in PH

French digital security provider Gemalto is focused on addressing the areas of dynamic change: paper trails going digital, services going mobile, things getting connected, services tapping cloud storage, and technologies converging and going contactless.

Gemalto is responsible for the technology behind some of the world’s e-passports (France, Oman, Portugal, Poland, and Sweden are just a few of their clients), government and corporate IDs, smart cards, and credit cards.

Gemalto sign

In the Philippines, Gemalto has been tapped by BancNet to secure its mobile banking services. Its Ezio Authentication Server and Mobile token will allow BancNet customers to pay their bills, check account balance, and transfer funds from their accounts with any member bank, using their computers and mobile devices to perform dynamic, multi-layer authentication and transaction verification.

BancNet’s interbank network includes 116 local and international banks, with over 40 million cardholders.

This solution offered by Gemalto ? which will enhance the present system of BancNet’s banking website ? is envisioned to enable stronger user-authentication through mobile phones, tablets, and other computer devices.

“In the Philippines, 88% of the total mobile Internet population is under the age of 35. With smartphone penetration expected to triple to 50% by 2015, BancNet has an enormous opportunity to tap into this enthusiastic generation,” said Michael Au, Gemalto president for South Asia and Japan.

This development is expected to be significant in the adoption of the non-cash and contactless payment system in the country.

Pierre Lelievre Gemalto vice president for marketing communications in Asia Pacific, pointed out that “80% to 85% of transactions worldwide still in cash.” He noted that “the adoption of non-cash payment is expected to be slow and still a challenge, especially in markets like the Philippines.”


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