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BBVA’s dynamic security code Aqua card enters LatAm

BBVA, Spain’s second largest banking entity, announced plans to export its dynamic CVV Aqua cards to Latin American subsidiaries, according to a press release.

The Aqua card, which uses recycled materials to eliminate plastic and uses a dynamic CVV system to improve security, has already seen widespread adoption in Spain with over one million cards issued across the country.

That number makes it the most widely contracted card of all ranges offered by BBVA in Spain, but the adoption doesn’t stop there. Aqua has also already seen a million cards issued in Mexico since June, and now the bank has plans to launch the product in Peru in Columbia.

“In addition to renewing our cards’ value proposition, with Aqua, we are unifying our customer’s mobile experience in all our geographical areas. And we are proud to see that, while respecting the differences between countries, this new generation of cards has been launched faster than we had expected,” BBVA’s Head of Digital Payment Solutions Jorge Moreno stated in the release.

Launching the card globally has always been the plan for the card, according to Moreno, with local teams working in parallel as the core product was designs and developed.

The card is already available in Mexico, with new customer signups for the mobile channel increasing 7% from June to July, according to the release.

Replacing the card’s CVV with dynamic security codes, that change at random within the BBVA app, is meant to reduce fraud and increase security in e-commerce purchases.

While cards in Peru and Columbia will still have PAN numbers and expiration dates for the time being, the next generation of cards will also eliminate these factors to prevent financial damage due to loss or theft.

In other recent fintech news, corporate card provider Ramp raised a $300 million Series C and purchased negotiation-as-a-service platform Buyer. Mobile payments company OPay also raised a $400 million Series C led by SoftBank’s Vision Fund 2, the venture capital firms’ first investment in Africa.

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