Fibank Enables Customers to Use Google Pay with Visa Cards

Fibank (First Investment Bank) recently announced that customers can now digitize their Visa debit or credit cards using the Google Pay service. 

According to the official press release, with Google Pay, customers can make contactless payments at points of sale (POS) in physical stores, make in-app purchases using Android apps, or card payments at online merchants.

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Fibank's Google Pay service is using Visa's tokenisation technology. This technology replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier "token" that can be used to process payments without exposing actual account details.

The partnership between Fibank and Google using Visa's technology for tokenisation is a logical continuation of the emerging trend for digitization of banking products, services and means of payment.

As Fazzaco reported earlier, UK fintech Tymit has announced its integration with Google Pay​. This integration will allow customers of Tymit's credit services to make seamless payments on Android devices without the need for their physical card.