Nuspay, a US-based payment service provider, is planning to introduce a new bank account based on tokenised payment solution.

The new payment technology, Nuspay Virtual Account Solution (NVAS), will be integrated into mobile banking and will not require any financial details of customers.

The new offering aims to reduce transaction fraud and hacking risks.

Nuspay is also partnering with banks and financial institutions for working as processors by offering them the virtual account solution.

Nuspay global CEO Abul Mansur said: "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.

"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."

Following the launch of the product in the US, Nuspay intends to launch operations in countries like Bangladesh, Nepal, UAE, Thailand, and India.

Additionally, NUSPAY is planning to open its sales and marketing centre in Delhi next month to cover South Asia and Southeast Asian countries.