Fibank

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Summary: Fibank is a cards-based digital wallet for NFC-contactless purchases operating in Bulgaria only and launched in Apr 2016
Website: https://www.fibank.bg/bg/fibank-za-iphone-i-android/page/3229#nasheto-predlojenie
Status: Live
Market: Bulgaria (Apr ’16)
Ownership: Fibank
Functions: Retail payments only
Payment Mode: Cards-based
Channel: POS via NFC
Roadmap: n/a [/otw_shortcode_content_toggle]

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Registration & set up: The new service for contactless payments to the Android app of Fibank became accessible to all of its existing and new users. User has to be a Fidbank customer with online banking access and request a digital card. Users can also name their debit and credit digital cards to recognize them more easily. Smartphone must support NFC and HCE

Making a payment: NFC payment initiated by bringing the phone within an inch of a contactless reader. When the amount of the purchase is approved by the international card organization limits of the country, no need to authenticate the transaction. Otherwise, authenticate with PIN. Users of Fibank’s mobile banking app can make up to 10 mobile payments offline. When the smartphone is connected to the internet again, the system for offline transactions is renewed automatically
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Merchant perspective: The merchant processes a payment using their existing payments processing systems (Update to follow – Further information being obtained)
Security: Contactless NFC payments are not only quick and easy to make, but also extremely secure. The data is stored in a cloud structure and not on a physical medium. The cloud secure element’s architecture is created to withstand both software and hardware attacks [/otw_shortcode_content_toggle]

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Strategy: Fibank does not charge any fee to merchants for purchases made with Fibank app. Fibank revenue model is to get the loyalty of its current clients and new customers acquiring
Payee fee: No charge for merchants
Payer fee: No charge for consumers [/otw_shortcode_content_toggle]

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Links:
https://en.whiz.bg/projects/first-investment-bank-nfc-digital-wallet.html
Media:
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