NUSPAY introduces Virtual Account - a unique fraudproof tokenization payment solution
A "new word" in payment solutions is ready to be said by NUSPAY at the TRANSACT15, San Francisco, April 1.
SAN FRANCISCO, March 17, 2015 /PRNewswire/ -- 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. Even if NUSPAY chip is compromised the customer's account details are secured. 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.
"The cost of global payment card fraud grew by 19% in 2013 and amounted to USD 14bn.1 Merchants bore 70% of fraud losses on card-not-present transactions, 43% of signature debit card and 25% of prepaid fraud losses. Banks covered 92% of fraud loss associated with PIN debit card transactions, 55% of signature debit card and 74% of prepaid fraud loss.2 We're strongly convinced that the NUSPAY Virtual Account technology, if spread worldwide, will reduce the fraud losses both for banks and merchants," said Harmeet Sethi, CEO Nuspay India and Global Sales Head.
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.
Notes to editor:
NUSPAY International Incorporated was established in early 2014 in Coppell, TX, USA. NUSPAY started its journey with the mission to make a payment solution more secure and controlling without having to disclose real account or card number to anyone. The company is currently represented by several offices located in Asia and the USA. The company's R&D Centers are located in Dhaka (Bangladesh) and Hyderabad (India). http://www.nuspay.com/
TRANSACT 15 is the largest payments industry event in ETA's history, featuring more than 4,000 industry professionals, more than 200 exhibitors, keynote speakers from the world's most innovative companies, and the payments industry's best and largest networking events. http://electran.org/events/transact15/
For more information please contact Artem Razgovorov, VP Sales and Marketing, [email protected], + 12144697295 (cell: +18588691672)
Harmeet Sethi, CEO Nuspay India and Global Sales Head, [email protected], +919971880557
1 Source: The Nilson Report, 2014
2 Source: FED report, 2014 (Interchange Fee Revenue, Covered Issuer Costs, and Covered Issuer and Merchant Fraud Losses Related to Debit Card Transactions)
SOURCE Nuspay
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