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March 17, 2015updated 04 Apr 2017 4:03pm

Nuspay set to roll out bank account based on tokenised payment solution

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

By Verdict Staff

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

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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.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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