NUSPAY International Inc - a new player in the global payment industry - is to introduce its innovative Virtual Account Solution for cashless, cardless and contactless transactions.
The product will be officially launched on April 1, 2015 at TRANSACT 15 Expo, organized by Electronic Transaction Association (ETA), the global trade association representing leading payment companies.
The primary objective of NUSPAY is to replace bank cards, cash and cheques by using Near Field Communication (NFC) tags and mobile devices as an alternative payment solution with additional security features of tokenized method of payment – Nuspay Virtual Account Solution (NVAS). Unlike the existing tokenization payment solutions, which are linked to customer's credit card details, NUSPAY's Virtual Account is the first in the world payment technology that is based on the customer's real bank account. A transaction processed through the token based method replaces sensitive personal data with a temporary payment token, which is generated for a very short time and is linked to parameters like the transaction amount, merchant identity, transaction location and other similar details to keep the specificity of the transaction intact. Thus, NVAS can successfully deal with most non-cash payment fraud attempts, especially the ones subject to card-not-present and counterfeit transactions. The temporarily generated Virtual Account payment token will discourage fraudsters and hackers from obtaining customer's account data as well as their identity information. This makes NUSPAY payment solution unique on the today's global market of non-cash transactions.
"NUSPAY is trying to tie up with US and Canada banks and financial institutions for working as a payment network and a processor by giving them the Virtual Account solution integrated into their mobile banking. Nuspay tokenized payment solution will make online payments more secure and flexible for all. Customers will be able to charge the account without sharing their personal information during the entire transaction process. Any Nuspay member bank can offer the Virtual Account Tokenized payment servivices to its customers for online or physical purchase. In our solution, freedom gives a sense of security to all customers", said MD Abul Mansur, NUSPAY Global CEO.
Elaborating on the customer benefits and safe measures adopted by Nuspay Virtual Account Solution, Manohar Jangeti, CEO NUSPAY USA added: "NUSPAY NFC tags do not hold any account details, but only a special reference number of the client. If the NUSPAY chip is compromised in any way, the customer's account details remain safe and are not revealed."
Apart from security benefits, Virtual Account comes in handy as a time-saving and hassle-free payment tool. NUSPAY users can link multiple bank accounts to NVAS, not having to bother remembering which of their accounts has enough funds for a particular purchase. If there is a lack of funds on one account, the processing system doesn't cancel the transaction. Instead it checks whether the necessary funds can be taken from the client's other accounts, and doesn't begin the tokenization process unless funds are available in any of the accounts.
Banks can install NFC readers for their merchants, so that the latter could accept customer payments through NFC cards and NFC-tagged mobile devices. Customers, in their turn, can download NUSPAY application on their mobile phones for making payments to the merchant that has these NFC-readers installed. The service is free for customers, as all fees will be covered by financial institutions and merchants.
Currently NVAS is offered to e-commerce companies only. However, it will be ready for use by B&M retailers by June, 2015.
After a successful trial run in India NUSPAY is ready to present its Virtual Account payment solution at the paramount event in payments – TRANSACT 15: Powered by ETA (stall # 1433). NUSPAY will inaugurate its product "Virtual Account Tokenized Payment Solution" in a conference hall located in the Moscone Centre on the first day of EXPO opening. The product launch in the US will be rapidly followed by Nuspay's operation set ups in countries like Bangladesh, Nepal, UAE, Thailand, and India.