Visa (NYSE:V) and Allianz Partners are bringing an innovative new payment solution to consumers: “Allianz Prime”. The mobile payment and loyalty app is the first of its kind in the insurance industry and enables customers to make fast, safe and easy payments with their mobile device online and in stores.
The new app features built-in security technology pioneered by Visa that replaces sensitive payment card account information with a unique digital identifier (a “token”) that can be used to process payments without exposing actual account details. Allianz Prime users also benefit from an attractive loyalty program, a smart spend tracker to simplify money management as well as Allianz Partners’ Digital Payments Protection.
Starting today, the app will be tested in Italy, involving a sample of Allianz customers. Allianz Prime users will be able to make secure mobile transactions at all contactless-enabled terminals worldwide. Transactions are processed and the loyalty program is integrated by Allianz’s digital financial technology partner Wirecard. Allianz Prime is developed as a global platform that can be easily rolled out to local markets.
“We are delighted to join forces with Allianz Partners to offer their customers an integrated mobile solution which combines payments, spend tracking and enhanced insurance services in an innovative way,” says Mike Lemberger, Senior Vice President, product solutions Europe at Visa. “With the launch of their first mobile payment app Allianz has not only created a new way to engage and reward customers but is also offering them a new, secure way to make payments worldwide – online and in stores – while also helping consumers keep track of their spending.”
“With the support of our digital partners Visa and Wirecard, the Allianz Partners Innovation Team has created Allianz Prime. A solution that provides our customers with freedom and security via safe and insured mobile payments off- and online anytime, anywhere. Moreover, it offers a global platform to our Allianz Operating Entities to engage with their customers on a daily basis, enriching traditional insurance with technology and services,” states Matthias Wuensche, Head of Market Management and Innovation, at Allianz Partners.
The sign-up process is easy and convenient: once customers download the Allianz Prime app and register for the service, a virtual Visa account will be issued instantly by the issuing partner Wirecard and can be topped-up from any existing bank account or via the customer’s credit card. To enable contactless mobile payments, users add the Visa card with one click into their mobile wallet.
Key benefits include:
- Customers can use mobile payments at all contactless-enabled terminals worldwide
- They can collect points and rewards for every purchase they make
- At the same time users can track and control their spending by using the smart spending analysis tool
- In addition, the Allianz Digital Payments Protection provides coverage against fraud, safeguards and supports customers in case of defective or damaged online purchases and provides financial compensation in case of a loss.
The Visa token service secures every contactless mobile transaction – it replaces the consumer's sensitive account information with a different series of numbers – a “token” – that is specific to that card and device. Payments are made using the token so that the card information is never exposed, adding another layer of safety to digital payments. If the phone is compromised or stolen, the token cannot be used in any other environment and can easily be deactivated without requiring the Visa account to be cancelled.
Visa Inc (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.
For more information, visit (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisaInEurope
Part of the Allianz Group and dedicated to bringing worldwide protection and care, Allianz Partners is the B2B2C leader in assistance and insurance solutions in the following areas of expertise: assistance, international health & life, automotive and travel insurance. These solutions, which are a unique combination of insurance, service and technology, are available to business partners or via direct and digital channels under three internationally renowned brands: Allianz Assistance, Allianz Care and Allianz Automotive. This global family of over 17,500 employees is present in 76 countries, speaks 70 languages and handles 44 million cases per year, protecting customers and employees on all continents. (www.allianz-partners.com).
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