Aqua is the first card to feature a dynamic CVV, and supports the digital and physical security by preventing data transfer to avoid fraudulent use


BBVA rolls out Aqua card without numbers or CVV. (Credit: Banco Bilbao Vizcaya Argentaria, S.A.)

Banco Bilbao Vizcaya Argentaria (BBVA) has launched a new card, dubbed Aqua, with dynamic CVV code and without any printed card numbers (PAN) or expiration dates.

The Spanish financial services firm claimed that Aqua is the first card to feature a dynamic CVV, and strengthens the digital and physical security as it prevents data transfer to avoid fraudulent use.

Aqua has a debit, credit and prepaid mode, and can be accessed through an Android or iPhone app to check the card number, CVV and expiration date every time the user needs to make payment.

The dynamic CVV functionality works with the help of cloud-based technology and advanced cryptographic algorithms, which ensures the security of the code generated.

BBVA has conducted a study on the use of cards and digital banking, which includes interviews with 1,000 customers in Spain, to develop the new card system, in December last year.

BBVA Spain business development head Gonzalo Rodríguez said: “This initiative goes beyond the launch of a card.

“It is a new experience for our clients. When they first access the ‘app’, they will find the most popular services to facilitate their banking experience, they will have greater control of their expenses, they will be able to choose the payment method they want and have greater security in their online purchases, since the number and CVV do not appear on the cards.”

Rodríguez added: “But it is a global project, since with the Aqua card the objective is to change customer experiences in the world of payment methods.”

BBVA will offer Aqua card using recycled plastic to reduce environmental impact

BBVA said that it is the first financial institution to deploy the new verification process for electronic transactions in line with the European payments regulations (PSD2). In case the card is lost, finders will not be able to use the card for online payments.

The new card offering serves beyond the changes introduced by PSD2 in security terms, which requires double authentication of the customer for purchases on the Internet.

The bank said that the new card will be issued in recycled plastic, reducing environmental impact. The card also allows mobile payment in physical stores which increases the operating possibilities.

Furthermore, BBVA’s recently incorporated services complete the new offering, including contactless cash withdrawals at ATMs, which allows customers to have control of their payments.

BBVA has already launched this initiative in Mexico and Turkey, and intends to distribute the cards in Spain by the end of October 2020. The bank aims to expand the offering into other countries such as Peru and Colombia.