Payment Process

Once a mobile phone user has created an MVC and entered the relevant data into the respective fields at a webshop or sent the payment information to a contactless POS terminal, the merchant will immediately send the card details for authorization. This request will be routed to the Issuer via the merchant acquirer and the payment networks. Upon receipt of the data string, the Issuer identifies the card as a Mobile Virtual Card (thanks to a dedicated BIN) and passes it to the VCpay Host Server for decoding.

After verifying the transaction amount, identifying the VCpay cardholder, and validating the MVC, the VCpay Host Server sends an authentication response back to the Issuer, who can then proceed to authorize the transaction depending on the availability of sufficient client funds. The settlement of all VCpay transactions occurs as per the standard interbank settlement protocol or interchange.