COMMERCIAL ROLLOUT OF BULGARIAN MOBILE PAYMENT SERVICE MOBB – POWERED BY ACCUMULATE

Today is the commercial launch and rollout of the mobile payment service MOBB, a service that makes the card mobile and that will set a technology standard for mobile payments in Bulgaria. The service is provided by Borica Bankservice, a company owned by the central bank and the 27 commercial banks in the country.

Borica Bankservice
Borica Bankservice

Today is the commercial launch and rollout of the mobile payment service MOBB, a service that makes the card mobile and that will set a technology standard for mobile payments in Bulgaria. The service is provided by Borica Bankservice, a company owned by the central bank and 27 commercial banks in the country. With MOBB the mobile phone can be used as a secure and convenient way to manage and pay with your cards. The service allows you to register multiple cards and by various banks participating in the mobile service.

At launch, the MOBB service is initially offered by the following seven banks:

  • Central Cooperative Bank
  • SIBank
  • Municipal Bank
  • D Bank
  • Tokuda Bank
  • Investbank
  • International Asset Bank

“We are proud that Borica and the participating banks chose us and our mobile security technology for the MOBB mobile payment service. This is yet another, and very good, example on how our technology enables new, and innovative, mobile financial, and mobile security services”, says Stefan Hultberg, CEO and co-founder of Accumulate. The mobile payment service includes services like payment in shop, and is built on the existing infrastructure of POS-terminals and clearing and settlement systems. Payments are handled as ordinary card transactions, and the service works on most mobiles without the need for added hardware. At start the service will be available on Android, iPhone and Windows Phone with Blackberry soon to come.

Examples of services in MOBB:

  • Pay in shop
  • Person-to-person money transfer
  • Card lock/unlock and set default card for purchases
  • Balance statement
  • Transaction history
  • Messages

Borica plans to launch with additional banks continuously, and will continue to develop, evolve, and add functions and services, such as online, m-POS, vending, etc.

The MOBB service is based on mobile technology, processes and methods from Accumulate. During a payment transaction, sensitive information, like card number, CCV, or expiry date, is neither transmitted nor stored on the mobile. All services are server-side and are easily added to, changed, or revoked. This without forcing the user to re-download, re-install, or re-activate the mobile application.