Products - VCpay Mobile Payments

By: Bgs Smartcard  11-11-2011
Keywords: Mobile Phone

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.

Keywords: Mobile Phone

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11-11-2011

Products - VCpay Mobile Payments - Technology

An MVC number fully complies with the card scheme rules by keeping the format of 23 digits that are usually printed on a credit card, while using these digits for the creation of a virtual card cryptogram. The VCpayTM application combines the key advantages of two incredibly successful and pervasive products: the portability of a mobile phone and the convenience of a credit/debit card.


11-11-2011

Products - VCpay Mobile Payments - Payment Process

After verifying the transaction amount, identifying the VCpayTM cardholder, and validating the MVC, the VCpayTM Host Server sends an authentication response back to the Issuer, who can then proceed to authorize the transaction depending on the availability of sufficient client funds.


11-11-2011

Products - VCpay Mobile Payments - Security

Before a mobile phone owner can start using VCpayTM, he/she needs to activate the application by registering with the Issuer, selecting a funding account, and choosing a PIN that will be used to protect the application. In order to protect a cardholder from common threats posed by the Internet and similar environments, it is necessary to secure the very process of generating Mobile Virtual Cards.


11-11-2011

Products - VCpay Mobile Payments - Benefits

Physical retailers can service customers on the spot by accepting payments from cell phone to cell phone in-store, thus bringing the point of sale to the decision, instead of making people queue up behind the cash register. Non-cardholders and unbanked consumers can benefit from state-of-the-art online payment technology. Mobile coupons/discounts can generate demand and increase customer loyalty.


11-11-2011

Products - VCpay Mobile Payments - Case Study

Net1’s first distributor for VCpayTM in the United States, MetroPCS, has several million subscribers, and offers VCpayTM to its prepaid customers as an application that is preloaded on all MetroPCS Android and new Blackberry phones or can be downloaded on select existing devices.