Nuspay to launch world's first-ever bank account based on tokenised payment solution

ANI

New Delhi, Mar.16 (ANI):With the aim of bringing a more secure and convenient alternative to the existing payment methods and online delivery channels, Nuspay, a unique payment solution provider is all set to launch in India and market its solutions to consumers, merchants, financial institutions and independent sales organizations. (ISOs). This payment technology, will provide a more secure and convenient alternative to the existing payment method as a virtual account. Integrated into mobile banking, Nuspay Virtual Account Solution (NVAS) does not require any financial details of customers; virtual account payment token eliminates transaction fraud and hacking risks. Nuspay, was motivated to develop this unique "Virtual Account- Tokenized Payment Solution" as a response to the menace of online fraud which has been growing exponentially the world over. In India too as e-commerce rapidly gains in popularity and expected to exceed $22 billion in 2015, fraud has become a major risk. Moreover, India is currently the world's 13th largest non-cash payment market and hence we believe Nuspay's solution launch here is both relevant and timely. We have already received extremely encouraging response from banks and financial institutions here and are confident of making rapid inroads in this market in the coming few months." said, MD Abul Mansur Global CEO, NUSPAY. Nuspay is tying up with banks and financial institutions for working as processors by giving them the virtual account solution integrated into mobile banking. The banks can install the Near Field Communication (NFC) readers for their merchants, so that the latter can accept customer payments through NFC cards and NFC-tagged mobile devices. 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, customer's account details are safe and not revealed. "Customers can download Nuspay application in their mobile phones for making payments to the merchant that have these NFC-readers installed. The primary objective of NUSPAY is to replace bank cards, cash and cheques by using NFC tags and mobile devices as an alternative payment solution with additional security features of Tokenized method of payment- Virtual Account. Our Global CEO Mr. Mansur will launch this product officially on 1st April, 2015 in the US, at TRANSACT Expo organised by Electronic Transaction Association (ETA), the only organisation leading and representing the payments industry. 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. TRANSACT 15 is an expo where payment titans assert their importance, venture capital invests in what's next, growing companies build influence, global media build brand awareness, and start-ups find launch success", said, Harmeet Singh Sethi CEO India Nuspay. Apart from the launch of its product, NUSPAY would be launching its sales and marketing centre in Delhi next month to cover South Asia and Southeast Asian countries. (ANI)