Net1 has developed an innovative mobile phone-based payment solution (VCpayTM) that enables secure purchases with no disruption to existing merchant infrastructures and significant incentives for all stakeholders. VCpayTM enables a consumer to securely generate a one-time use Mobile Virtual Card (MVC) number for a specific purchase amount on his/her mobile handset. MVCs are used like traditional plastic credit or debit cards, except that as soon as the transaction is authorized, the generated card number expires immediately.
Net1’s virtual card technology facilitates a multitude of compelling business models for mobile network operators, payment card associations, card issuers and large retailers. The mobile phone can be a substantial enhancement to curtailing fraud in unsecure environments such as the Internet or phone lines. VCpayTM offers a rare opportunity for the wireless and the banking industries to collaborate on a digitally-optimized end-to-end payment solution that is user friendly and reduces risk, complexity, unnecessary costs and many likely hurdles to adoption.