Denmark's Nets, BOKIS piloting digital wallet
The Green Sheet: 7 July, 2016
Nets, a payment service company established in 1968, is innovating in the emerging technology space. The company disclosed Jun. 30, 2016, that its new digital wallet, built on Nets' host card emulation (HCE) and tokenization platform, will be widely deployed by BOKIS, a Danish banking collective. BOKIS, comprising 62 member banks, chose the mobile wallet for security and ease of use, representatives stated.
BOKIS members include small to midsize local banks and five regional banks: Jyske Bank, Sydbank, Spar Nord Bank, Arbejdernes Landsbank and Nykredit Bank. All members plan to roll out the mobile wallet solution to their customers in the near term, according to the association.
"We are excited to be the first in Denmark to announce our plans to deliver bank-issued mobile wallets from our members, providing a mobile payment solution that delivers real payment convenience to our customers," stated S?ren Nicolaisen, Managing Director, Danish Regional Bankers Association. "End users will be able to pay just by 'tapping' their phone at the contactless point of sale."
Old World knowledge, New World tech
Nets, headquartered in Ballerup, Denmark, noted that it has been delivering end-to-end payment and banking solutions to a range of vertical industries for four decades, playing an integral role in forming the Nordic region's modern payment infrastructure. It additionally introduced an array of payment products to the region, including Dankort, Betalingsservice, NemID, BankID, Avtalegiro and BankAxept.
"Historically, Nets has developed and operated the financial infrastructure supporting and driving the Nordic banks' payment solutions," said Hans Henrik Hoffmeyer, Senior Vice President of Mobile Services at Nets. "We have made significant investments on behalf of our customers in becoming a token service provider (TSP), which enables Nets to provide the security services that our banking customers need to power their future mobile solutions and new mobile services."
Nets' three business divisions focus on subscription services, financial network processing systems and merchant acceptance solutions. Over the years, solution sets have evolved to serve a diversified clientele of banks, corporations and merchants. Today the Nets' international network facilitates digital payments across the Nordic region, providing an array of card services, account services, and payment solutions. [Read more]