Bulgaria-based Fibank has enabled customers to digitise their Visa debit or credit cards using Google Pay.
The move will allow customers to make contactless payments at POS terminals in-store, make-in app purchases using Android apps, or card payments online.
Fibank’s Google Pay service uses Visa’s tokenisation technology, which replaces sensitive payment account information, such as the 16-digit account number or security code, with a unique “token” that can process payments without exposing account data.
According to Fibank, the new partnership marks the emerging trend for digitisation of banking products, services and means of payment.
Fibank, Fitbit and Visa
It comes after the bank recently partnered with Visa to launch contactless payments with Fitbit smart watches. Since then, it has upgraded this service by enabling customers to use their Mastercard cards issued by Fibank.
The bank, Fitbit and Visa also teamed up to allow customers to make payments at points of sale (POS) locations that support contactless payment technology without the need to take their card out.
Fitbit Pay will allow customers to add their Fibank issued Visa cards to their compatible Fitbit wearable devices.
Fibank has a history of investing in emerging technological trends – in 2019, it became the first bank in Bulgaria to benefit from the advantages of open banking.
The move meant customers could add their accounts held with other banks to the My Fibank mobile app.
At the time, internet banking adoption in the region was low, at around 8%. However, GlobalDaya figures show that between 2013 and 2019 internet banking adoption in Bulgaria increased by 100%.
Fibank has a market share in Bulgaria by assets of about 9%. It ranks ahead of Raiffeisen and Eurobank. But Fibank ranks behind DSK Bank and Bulbank (UniCredit).