Allianz and Visa launch mobile payment and loyalty app

Visa (NYSE: V) and Allianz Partners are bringing an innovative new payment solution to consumers: “Allianz Prime”. The mobile payment and loyalty app is the first of its kind in the insurance industry and enables customers to make fast, safe and easy payments with their mobile device online and in stores.

The new app features built-in security technology pioneered by Visa that replaces sensitive payment card account information with a unique digital identifier (a “token”) that can be used to process payments without exposing actual account details. Allianz Prime users also benefit from an attractive loyalty program, a smart spend tracker to simplify money management as well as Allianz Partners’ Digital Payments Protection.

Starting today, the app will be tested in Italy, involving a sample of Allianz customers. Allianz Prime users will be able to make secure mobile transactions at all contactless-enabled terminals worldwide. Transactions are processed and the loyalty program is integrated by Allianz’s digital financial technology partner Wirecard. Allianz Prime is developed as a global platform that can be easily rolled out to local markets.

“We are delighted to join forces with Allianz Partners to offer their customers an integrated mobile solution which combines payments, spend tracking and enhanced insurance services in an innovative way,” says Mike Lemberger, Senior Vice President, product solutions Europe at Visa. “With the launch of their first mobile payment app Allianz has not only created a new way to engage and reward customers but is also offering them a new, secure way to make payments worldwide – online and in stores – while also helping consumers keep track of their spending.”

“With the support of our digital partners Visa and Wirecard, the Allianz Partners Innovation Team has created Allianz Prime. A solution that provides our customers with freedom and security via safe and insured mobile payments off- and online anytime, anywhere. Moreover, it offers a global platform to our Allianz Operating Entities to engage with their customers on a daily basis, enriching traditional insurance with technology and services,” states Matthias Wünsche, Head of Market Management and Innovation, at Allianz Partners.

How Allianz Prime works

The sign-up process is easy and convenient: once customers download the Allianz Prime app and register for the service, a virtual Visa account will be issued instantly by the issuing partner Wirecard and can be topped-up from any existing bank account or via the customer’s credit card. To enable contactless mobile payments, users add the Visa card with one click into their mobile wallet.

Key benefits include:

Customers can use mobile payments at all contactless-enabled terminals worldwide

They can collect points and rewards for every purchase they make

At the same time users can track and control their spending by using the smart spending analysis tool

In addition, the Allianz Digital Payments Protection provides coverage against fraud, safeguards and supports customers in case of defective or damaged online purchases and provides financial compensation in case of a loss.

About the Visa Token Service (VTS)

The Visa Token Service secures every contactless mobile transaction – it replaces the consumer's sensitive account information with a different series of numbers – a “token” – that is specific to that card and device. Payments are made using the token so that the card information is never exposed, adding another layer of safety to digital payments. If the phone is compromised or stolen, the token cannot be used in any other environment and can easily be deactivated without requiring the Visa account to be cancelled.