Based in Tbilisi, Georgia, VTB Bank Georgia was founded as a joint stock company on April 7, 1995. It was formerly known as the United Georgian Bank and was renamed to VTB Bank Georgia in December 2006. Being a part of a group of banks and credit unions, the bank has more than 339 companies under its corporate umbrella. It employs 1,154 people with sales in excess of USD 48 million.
VTB Bank wanted to create a fintech service that would enable it to provide a unique customer experience, allowing the bank to differentiate itself in a competitive market. Mobile Pay was thus launched to revolutionize the CIS banking landscape. This personalized digital solution ushered in a new era of mobile banking for customers thereby positioning VTB Georgia as a trailblazer in the industry. The bank views this standalone payment app as a means to increase engagement with customers and ensure that they can access services like digital asset management.
What we proposed
Pri-Num, a digital issuance and open wallet platform provider, worked with VTB Bank Georgia to launch the first NFC mobile payments app locally and across CIS countries. The Mobile Pay app is based on the Visa Cloud-Based Payments and the Digital Enablement Platform. The app is available for Android devices equipped with NFC.
How it worked
The solution is based on the DE platform (earlier known under PrimeKit brand name) developed by Pri-Num and implies that a bank customer who uses traditional payment cards and has a mobile phone with NFC support and Android Ver. 4.4 and higher, it will be possible to download a mobile application from Google Play with one or more bank digital cards.
Thus, all the functionality of the credit card is recreated on the buyer’s phone and allows the user to make contactless payments at the point of sale.
We launched a project with VTB Georgia and VISA in an amazingly short time. It took us less than 3 months from the day we signed the contract.
VTB Georgia Mobile Pay application is based on the DE platform (Digital Enablement Platform) – a multicredential end-to-end cloud-based software solution that enables secure contactless mobile services: payments, loyalty, and tickets. It is token-ready, supports mobile wallet application services and complies with Visa and MasterCard requirements for cloud-based payments.
Mobile Pay has the following features:
– Contactless payment using a mobile phone at Visa payWave terminals
– Three safety levels that exclude possibility of fraudulent payments
– Unlimited number of cards can be uploaded
Card networks’ support
The primary advantage of a DE platform compared to NFC-based payment systems is flexibility. There are no constraints on mobile network or equipment manufacturer support. All aspects of the mobile payments service are managed by the bank independently. When initiating a payment at the terminal, the mobile device simulates a conventional contactless card which eliminates the need for any changes to the acquiring network.
Mobile Pay has enabled customers of VTB Bank Georgia to make secure contactless payments at NFC-equipped terminals seamlessly. This unique solution has positioned the bank in a league of its own as it disrupts the competitive banking landscape. VTB Bank Georgia has thus been able to refocus its priorities around the customer while increasing engagement and customer retention. Mobile Pay’s feature set was subsequently expanded to include loyalty cards, making it the first all-encompassing one-tap payment app in the CIS countries.
Working with Pri-Num
VTB Bank Georgia is the first bank in Georgia to introduce innovative payment technology with the help of Visa and Pri-Num.
It is noteworthy that none of our developers actually came to Georgia for installation and testing – all work was carried out remotely from Kyiv, Ukraine.