Visa users within Grupo Aval’s Banks: Banco Occidente, Banco de Bogotá, Banco AV Villas, and Banco Popular and have an Android or iOS smartphone will be the first to Access Aval Pay, a new digital wallet in Colombia. The platform was developed using technology by Yellow Pepper, and in conjunction with Credibanco, one of the primary credit card processing networks in Colombia.
Grupo Aval will use Aval Pay to allow their merchant and consumer customers to form closer relationships by offering exclusive products, services, and promotions to Aval Pay customers. Promotions will be channeled and tailored to each type of customer profile, and take into account customer preferences.
- Aval Pay is available for Android download on Google Play, and will be available soon in the App Store for iOS
- Initially, Aval Pay is usable in those retail establishments with Credibanco dataphone terminals.
- Aval Pay will be available in restaurants, with other establishments coming online afterwards.
“Now we speak and think from mobile convergence that permits offering the customer all his experience from his smartphone,” said José Manuel Ayerbe Osorio (above photo), Grupo Aval’s vice president of corporate marketing, explaining that this was the time to integrate the Internet, mobile services, social media, and payment methods to offer users a truly innovative experience.
Colombia’s electronic payment volume has reached 12 million transactions monthly, according to the Cámara de Compensacion Automatizada ACH.
While Aval Pay is starting for Visa credit card holders only, Grupo Aval plans to integrate debit cards, loyalty programs, prepaid cards, and other payment options. At initial launch, it will be available on Android smartphones, though Grupo Aval says that the iOS option is in the works. Users will need internet access from their telecommunications provider for the application to function.
Additional Aval Pay Functions:
- Visualization of history of transactions made through Aval Pay
- Ability to locate Grupo Aval banks and ATM machines
- View Grupo Aval bank and credit card promotions
- Notifications of offers targeted by location or preferences
As far as merchants, those that have Credibanco credit card terminals are already equipped to accept Aval Pay, though the product will be available soon to the nation’s other establishments accepting credit cards. Initially, the application will only be usable by restaurants, but Grupo Aval says that other merchants will be announced via its www.avalpay.com website, as well as within the application. Grupo Aval’s goal for the application is to be in 60,000 dataphones throughout 20,000 retail points of sale.