E-Billing Solutions (EBS), an online payment gateway provider in India, has partnered with financial technology firm Nuspay to introduce virtual account tokenized payments to India.
EBS is amongst the Top 5 merchant processors in India with a base of more than 10,000 merchants. It offers a complete internet banking platform for 36 local banks.
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Under the agreement, customers will be able to make secure purchases from more than 6,000 online merchants via the patent-pending Nuspay Virtual Account tokenized payment solution, which makes online payments while fully protecting the customer’s account information.
Nuspay’s solution generates a unique code or token for each transaction based on the customer’s account and the purchase date and amount.
Nuspay claims that this technology will significantly reduce payment frauds and minimize the threat of loss for account-holders payment data and personal information in case of a data breach.
Nuspay CEO and chairman Greg Wooten said: "The agreement with EBS demonstrates and strengthens our commitment by protecting customers and merchants alike. We are honored to facilitate this advancement in payment technology in South Asia and stand ready to partner with other banks and merchant processors to continue making India a safe place to do business online."
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By GlobalData
