Financial institution Nepal Bank is set to launch an NFC mobile payment service, using a solution provided by Nuspay that also makes use of tokenization. The service is currently in the implementation phase and is expected to launch in July 2015. To use the service, customers need to download a co-branded Nepal Bank and Nuspay mobile app and link their bank account to it. They will then be able to make a payment by tapping their NFC phone against contactless-enabled terminals.
The service uses Nuspay’s tokenization method, the Nuspay Virtual Account Solution (NVAS), which is a payment solution not linked to any particular debit or credit card but directly based on the customer’s bank account where real information of a customer is never disclosed.
Virtual Account replaces sensitive personal data with a temporary payment token. This token is generated for every time on request against customers’ bank account details and not against the debit or credit card details.
Nuspay is a global information technology company committed to enabling payments method.