BKM Launches Express Digital Wallet

• The Turkish financial institution Interbank Card Center (BKM) is rolling out a platform especially designed for its “Express” digital wallet. This platform addresses all its cardholders and aims at facilitating their use of online payment services.

• It allows customers to avoid entering their bank information every time their make a purchase online: their (credit, debit or prepaid) cards are stored on BKM’s platform. They simply have to provide a single-use password received by SMS for payment validation.

• Customers wishing to subscribe have to log on to their portal on BKM’s website (www.bkmexpress.com.tr), and key in their ID card number as well as some of the digits of the card(s) they intend to use in this context. As BKM charges its banking members, no fees are applied to merchants or cardholders.

Source: The Paypers

• BKM was founded in 1990 and results from a partnership between several banks to set rules and standards for the Turkish card industry.

• This platform relies on convenience, time saving as well as on a certain sense of security for its users. Only the issuing bank knows the full card number and only the bank verified phone number is used to make payments. Express is also seen as a means to limit the use of cash in Turkey.

• BKM intends to widen its range of associated services through encompassing mobile and contactless payment and even funds transfers. It started considering NFC-related questions in 2008 and, In December 2011, joined the NFC Forum. BKM also acts as a TSM for Turkish banks, through its partnership with CASSIS International (recently purchased by Morpho, Safran Group).