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."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.