Visa and Allianz partner to create mobile payment app
Visa and Allianz have partnered to offer a new mobile payment and loyalty app called Allianz Prime – the “first of its kind” in the insurance industry.
According to Allianz, the app features built-in security from Visa that replaces customers’ card information with a unique digital token that can be used to process payments without revealing actual account details. Payments are then made using that unique token. In case of a security risk or a customer’s device is lost or stolen, the token can be disabled without the loss of customer data. Matthias Wünsche, head of market management and innovation, at Allianz, says the solution provides “insured mobile payments off- and online anytime, anywhere”.
Readying up for launch, Allianz explains the process of joining Allianz Prime. Once a customer has downloaded the app and registered, a virtual Visa account will be issued by Wirecard, this can be then topped-up from any existing bank account or via credit card. Contactless payments can be then made once the customer adds their Visa card into their mobile wallet.
When it came to security Allianz says its “Digital Payments Protection” provides coverage against fraud and offers support to customers in case of defective or damaged online purchases and in some cases, provides financial compensation in case of loss.
The app will be first tested in Italy with a small selection of Allianz customers. Users will be able to make purchases at all contactless-enabled devices worldwide. The transactions and loyalty programme is integrated by Allianz’s digital partner Wirecard.
