Rabobank expanded their mobile banking offering with a completely new payment service. The Dutch financial institution is one of the first institutions in Europe which commercially launched an independent mobile payment service for their customers. 12 years after they have launched their first mobile banking service, to transfer money, and check balances via a smartphone, they now launched an additional payment service beside cash, physical debit – and credit cards, to pay convenient with a smartphone in stores by simply tapping their handset on an NFC enabled Point of Sale (POS) terminal.
All Rabobank customers over 18 are able to pay in stores contactless with their smartphone up to an amount of 25€ without entering a mobile PIN. For every amount that excels 25€ you will have to enter your mobile PIN at the POS. Prerequisite for using the Rabo Wallet is to have a Samsung Galaxy S4 or Samsung Galaxy Note. To use the mobile payment service you don’t need access to the internet while you are triggering the payment process at the POS. Furthermore you also don´t have to pay any additional fees. Right now Rabo Wallet is only available for these mentioned Samsung devices and not for Apple iPhones. To use the Rabo Wallet you simply have to download the Wallet free of charge from the Google Play store and add your payment card to the app. Unfortunately T-Mobile blocked the download of the Rabo Wallet for T-Mobile customers, which shows that also Mobile Network Operators are trying to offer their own independent mobile payment solution.
In cooperation with Samsung and Giesecke & Devrient (G&D) Rabobank is ensuring a secure payment transaction at the Point of Sale. Samsung provides an embedded secure element on their handsets to securely store your payment information on the mobile device and retrieve them if necessary. G&D´s Trusted Service Manager (TSM) hub will be used to securely manage the whole lifecycle of mobile payment cards.
Additionally G&D is also providing their Convego AppWorld solution; enabling Rabobank to set up further services via remote G&D managed service.
Another great add on which makes the Rabo Wallet much more interesting for their clients is MyOrder. Rabobank acquired MyOrder in 2012, which enables customers to use their app to place orders at shops, restaurants, car park ticket machines, and also to add loyalty card.
In general Rabobank and their partners created a simple and appealing user experience throughout the whole mobile payment application. As it is one of the first commercially launched mobile payment solution in Europe it will be interesting to watch how customers will accept the solution and how seamless the payment process will work.
Check out the Rabo Wallet videos to see how easy it works.
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