Reinventing Payment Solution by Nuspay Virtual Account
Nuspay’s revolutionary virtual account is specially designed to deliver worry-free financial transactions with committed security endeavours. Nuspay has introduced this virtual solution for ensuring security of customer’s delicate information, while also being the solution for an efficient digital payment solution. A non-permanent payment token is used, replacing the sensitive data, when a transaction takes place through Nuspay’s virtual account. An encrypted token gets generated for each transaction, as a result, all the sensitive information is protected from external tampering.
Nuspay introduced the world’s first virtual account Payment system. Since its inception, Nuspay has been striving to provide the best user experience with its state of the art Virtual Account. With Nuspay Virtual Account, users will have the freedom to perform any finance transactions without revealing their Bank Account or Debit or Credit cards details during Merchant Payments and carry the account instead of balance for e-Payments bypassing steps for AML or CFT.
Nuspay 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.
Upon a user's request, a virtual account gets generated with limited lifetime, for either a single or multi use scenario. It uses multi-factor authentication to ensure the authenticity of the user. To further ensure the security of the transaction, the virtual account is created with the associated bank credentials and not the debit or credit card credentials.
An illustration is provided below for a general use scenario: Upon selecting the desired product online, the user will proceed to the payment page. The user will see the available payment options and click on the nuspay option to proceed to the gateway. In the gateway the user will be prompted to enter the login credentials for Nuspay™ (which will be provided to the user beforehand, through registration). After the credentials are entered, a push notification will be sent to the users registered mobile number with the temporary token number in it. The user will enter the token number in the Nuspay™ gateway to complete the transaction. Another push notification will be sent to the user’s mobile, confirming the transaction’s completion.
Why Choose Nuspay™ Virtual Account?
In Spite of being the world’s first Virtual Account, it can be used with any Point of Sale interface. It can efficiently integrate with all the major online retailers. Foreign Remittances are more securely transferred. Recurring-bill are automatically paid off with certain services (If allowed by the user). The virtual account can be used at all the major NFC enabled ATM devices. Over the phone payments are made super easy. Vending Machine items can be purchased through the virtual account.It is easier to deposit cash at all the major CDM machines. Smart laundromats can be leveraged with touchless payments.Toll payments can be made without the manual transactions. Any ticketing booth that supports bank payments will also support Nuspay™ Virtual Account. Effortless parking lot ticket payment. Lastly, it also includes trouble-free metered taxi fare payment.
How Nuspay VA differs from EMVco
- Emvco uses the generic PAR (Payment Account Reference) for transaction while Nuspay uses VA (Virtual Accounts)
- A token can be for multiple or single use through Nuspay™ Virtual Account, unlike EMVco, where a token is only single use.
- Nuspay™ Virtual Account adopted the easy to assign and input 10-20 numeric or alphanumeric accounts whereas Emvco uses a fixed 29 characters that enlist a mixture of numeric, alphanumeric and roman characters.
Future is here
Nuspay™ went all in when it comes to user satisfaction. Nuspay’s virtual account aims to serve globally. The tremendous scalability of the technology will further restructure how transactions are made. The virtual accounts of Nuspay™ provide maximum efficiency with minimal effort. It has already enhanced the standard of living by providing an all in all digital payment solution in the USA and further improving globally.
Beyond the avant-garde security features that comes with the virtual account ecosystem, there are a lot more user friendly features that can be pointed out for the future. Artificial intelligence can keep track of the user's expenditure, anomalies and ultimately help the user save some money. This can be done in a lot of ways. An application can show you your spending patterns through graphs and relevant merchant breakdowns, also involving a variety of other parameters. The can application can also allow users to set limits for Nuspay Virtual Account’s single transactions and add limits that can span for weeks or months.
Other interesting features that we can look forward to are savings accounts, which can allow users to act as a kind of savings account, that will give interest over the balance of the user in the virtual account. Another fascinating feature which can be related to savings is when the users can set a significant amount after every payment to go into a savings account and that will be separate from their spending balance.