Nuspay, a FinTech Company name has launched its one of a kind virtual account payment system that sets aside all the contemporary technologies that are available at the moment. This astounding technology claims to dramatically alter how people perceive the current payment gateway platforms.
Nuspay asserts that their innovations lab had been working to future proof its virtual account payment system for quite a long time. Now that the technology has matured, with all the hard work that was poured into it, it is time for Nuspay, which claims to be the world’s first virtual account payment system, to take the crown for the world’s most secure payment system during the Pandemic situation.
Increased Digital Activity During the Pandemic
This pandemic has led to an increased digital activity which also facilitates digital payment volumes. Hence, the payment volume has increased. The security measure is part and parcel to deal with the data breaches and hacks. The pandemic may reshape the digital payments landscape in the longer term if these changes become the “New Normal”. Nuspay evolved to create the most secured virtual account payment method to combat the pandemic situation by adding a security layer to the payments to declare the new standard of the new normal.
What is Virtual Account Payment?
A virtual account payment system refers to an online event that encompasses virtual account numbers created with securely randomized hashes, replacing the card account number for additional safety measures. The number is used when a payment is made and that way the card information stays hidden from the merchants. This number will also not appear on the receipts, adding an extra security layer. A virtual number is randomly created each time a transaction is made online through the virtual account payment system.
Virtual Account Payment System- A Tech That’s Ahead of its Time
Nuspay claims a virtual account payment system is a considerably cheaper way to collect fees from multinational financial entities like banks with greatly decreased paperwork. Everybody loves fast payment services and it is agreed that Nuspay’s VA payment system can be used for all sorts of things. Nuspay is revealing the tricks up its sleeves this year. It was being beta tested for a long period of time and now it is mature enough for the public platform.
“Dynamics of the Nuspay Virtual Account-based smart cash is to empower crypto-based smart contracts with fiat money with more intelligent added features to authenticate recipients’ source of funds to comply with CFT and AML compliances imposed by central banks of each country. The fiat-based Smart Cash will be transparent enough for regulators to trace the source and ethnicity of the currency within a fraction of a second. Governments will be able to implement modified logics within those smart cash to make it purposeful and timebound validation & condition for execution.” stated by Md. Abul Mansur, Founder & Managing Director, Nuspay International Inc.
The magic of Nuspay’s virtual account payment system becomes apparent when a user first pays with it i.e; transfer money anywhere in the world! When a large transaction takes place, the VA magic is much bigger and the users can see that proven in less than a minute. Collaborations with all the existing banks are very likely going to take place very soon. People will transfer cash to bank accounts in minutes. People have to wait 24-48 hours if they are conducting a typical financial transaction with a bank. Traditional institutions are liking the magic of Nuspay as it is. The threats and complexities are too little so most Banks are going to use Nuspay technologies very soon!
Nuspay’s Rigorously Patented Virtual Account Payment System
All of Nuspay’s Virtual Account Payment patent information is cited under US20140358783A. To add a brief to it, in its payment processing ecosystem, Nuspay has the legally binding right to process the Virtual Account for payment, which involves creating a Virtual Account Number for at least a single transaction connected with a consumer bank account. This processing presumably began from an authenticated mobile device of a client. A group of names, a bar code, NDEF, and a binary format consist of a sequence of the Virtual Account Control Generator, which is copyrighted by Nuspay. 10-20 numeric/alphanumeric characters, generated as a bar code or a binary format, should be shown. The alternative payment option is registered for using barcodes, such as (optical computer reading of data such as 2D, 3D, QR, or NFC Data Interchange formats) Matrix barcode (NDEF). The mobile software is also proprietary to use a predefined login or to create IVR devices or other alternate channels with SMS text messaging or USSD or Smart App or Mobile Apps.
The virtual account number is determined on the basis of one or more of the commercial records, customer identification details, purchase/order information, transaction volume, and/or other parametrical/identifiable information of the person or several uses. Overall, the patent covers a payment portal, a computer payment processing facility on the virtual account, a registered merchant database, a registered client contact database, a financial integration interface, and communication networks.
The Future of Virtual Account Payment System
The unbanked segment around the world has the largest growth and innovation opportunity in the digital payment ecosystem and Nuspay seeks to expand the digital payments ecosystem. Financial inclusion creates prospects for fintech like Nuspay to provide products that are of actual importance, meet real needs, and for a more agile and scalable solution in the form of integrating banks in developed and developing countries.
Mr. Abdul Mansur also states, “The industry is changing for a new wave of technology with the emergence of Covid-19 and Nuspay has already adapted to the changes that the new normal has brought upon us, with its intricate virtual account payment system. An adventurous digital journey is ahead of us”. However, in keeping with digital payments everywhere, safety and confidence should be at the foreground of expertise. Nuspay seeks to be a stable, efficient, and comprehensive payment infrastructure and content to be ready to shake up the enterprise.
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