Spanish banking giant BBVA hailed the passing of one million downloads for its mobile wallet app less than two years after launch, and claimed it could pass five million by the end of 2016.
BBVA Wallet is available in four countries – Spain, Mexico, Chile and the US – with Turkey coming online this week. The Turkish launch is by Garanti Bank, in which the Spanish giant is a significant minority shareholder.
The app offers a range of functions, including contactless payments and online shopping. Users can also borrow money within the app to fund a particular purchase.
The total number of Wallet downloads at the end of Q3 2015 stood at 1.057 million. Spain led with 850,000 downloads, while Mexico (Bancomer) had 164,000, three months after a July launch. Chile (BBVA Chile) and the US (BBVA Compass) are at an earlier stage with 36,000 and 7,000, respectively.
In Q3 2015 alone, the Wallet app was downloaded 358,000 times, compared to 87,000 in 2014.
Mehmet Sezgin, global head of payments for BBVA, said: “With BBVA Wallet offering a safe, innovative and easy-to-use alternative to cash and plastic, and with over 80 per cent of the world’s payments still in cash, we believe there’s a big opportunity to move from 1 million to 5 million downloads by the end of 2016.”