The app is a digital wallet which lets customers of Swedbank and Sparbankerna pay safe and easy both in store with NFC and online with Masterpass for Android devices. The customer authenticates themselves with a Mobile BankID and their Swedbank cards’ delivery addresses are automatically registered in the app. The app uses tokenization to keep the payment credentials safe. In short, it means the actual card numbers is not stored on the device. Instead, for every card number that is added to the digital wallet, a digital card number (token) is created.
The tokenization is based on MDES (Mastercard Digital Enablement Service), a digital platform for tokenization, and on MCBP 2.0 (Mastercard Cloud Based Payments), the technology for cloud-based payments. Payair has been the technology partner which has included app development, in close collaboration with both Swedbank and Mastercard.
“Payair is all about the latest technology in digital payments and it has been a true pleasure working with both Swedbank and Mastercard, making sure the “Swedbank plånbok” offers the most safe and easy way of paying both instore and online”, says Sören Babra, CEO Payair.
The “Swedbank plånbok” was launched as a pilot on January 15 and is now available to all of Swedbank and Sparbankerna’s customers
Mastercard has been working with Payair in several projects throughout the years and knows the importance of an agile technology partner to deliver best-in-class solutions for their clients.
“Working with Swedbank creating their Swedbank plånbok based on Mastercard’s tokenization and cloud-based technologies as well as Masterpass resulting in a wallet for all channels for payments is truly inspiring. Furthermore, it is essential for Mastercard to work with trusted and innovative partners to offer our customers the latest technology for today’s and tomorrow’s payments needs. Payair is meeting all these criteria with a great knowledge and expertise within digital payments”, says Mats Taraldsson, Head of Digital Business Development and Fintech Engagement, Mastercard Nordics and Baltics.