Revolutionising electronic banking, the 50-year journey of card business and e-banking at BOV
The card business and e-banking have revolutionised the financial sector, bringing unparalleled convenience and accessibility to clients. At Bank of Valletta (BOV), these advancements have been pivotal, marking significant milestones in the bank's history and the local market. To delve deeper into this evolution, we sat down with Chris Degabriele, Head of e-banking at Bank of Valletta.
Chris, could you share the cards and electronic banking history at BOV?
Bank of Valletta has always been a trailblazer in this sector. Our journey began in earnest by the end of the 1980s and early 1990s, when we started shaping the local card business landscape and introduced electronic services.
By the late 1980s, BOV had installed Malta's first ATM. In the early 1990s, we launched the first EPOS machine in Malta, initially accepting only magnetic stripe cards. Our partnership with VISA and Mastercard enabled us to issue these international cards alongside our proprietary CashlinkMALTA brand, which remains strong in the local market.
Could you highlight some milestones in BOV's card business evolution?
Certainly. Over the years, BOV has consistently led the market in card Issuance and Acquiring. By 2008, we transitioned from magnetic stripe to Chip and PIN, duly upgrading ePOS terminals to support Chip and PIN technology to enhance transaction security. In 2010, we introduced portable POS terminals, offering greater flexibility to merchants.
Then, in 2015, we began rolling out Tap and Pay contactless technology. We upgraded all BOV POS machines to accept contactless cards, making transactions quicker and more convenient. Introducing unattended POS terminals, such as those in petrol stations and car parks, further advanced our services.
A notable milestone was the installation of unattended POS terminals on Malta's public buses in 2021, enabling over 450 buses to accept card payments. These BOV terminals have significantly improved payment convenience for public transport users.
How has the bank evolved in card issuance?
BOV's evolution in card issuance has been just as dynamic and goes hand in hand with the developments in the acquiring business. We started with magnetic stripe cards and, by 2009, transitioned to Chip and PIN cards. BOV was the first institution in Malta to fully switch to contactless cards.
One of our proudest achievements was the introduction of e-wallets, allowing customers to upload their cards onto their phones via Apple Pay and Google Pay. Additionally, we support wearables like Apple watches, Garmin, and Fitbit Pay. These innovations have made contactless transactions increasingly popular.
In 2019, we upgraded our proprietary CashlinkMALTA cards to Chip and PIN and contactless, aligning them with VISA and Mastercard security standards.
Can you discuss the development of BOV's e-banking services?
The story of our e-banking services began in the late 1990s with Bank 2000 for business customers and Visual Link for personal customers. Recognising the need to evolve, we launched the BOV 24X7 Service in 2002, which combined Internet banking and our Customer Service Centre. This was revolutionary at the time.
In 2012, with the rise of smartphones, we introduced mobile banking, allowing customers to perform banking services on their phones. We continuously added functionalities, including mobile-to-mobile payments, within the app, making it a popular feature among users.
What's next for BOV in the realm of e-banking and card services?
We always look forward to further innovations. One of our latest developments is BOV mobilePOS, which turns Android smartphones into POS terminals without additional hardware. This simplifies card payment acceptance, significantly benefitting the sole retailer and small and medium-sized businesses.
The bank's journey in card business and e-banking is a testament to our commitment to innovation and an enhanced customer experience. From the first ATMs to the latest mobile payment technology, we continue to lead and shape the market.
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