Technology

The VCpay application combines the key advantages of two incredibly successful and pervasive products: the portability of a mobile phone and the convenience of a credit/debit card. Net1’s innovative end-to-end payment solution enables consumers to create one-time-use Mobile Virtual Cards (MVCs) directly on their mobile handset without having to go online. An MVC number fully complies with the card scheme rules by keeping the format of 23 digits that are usually printed on a credit card (BIN, PAN, CVV/CVC, expiry date, and a check-sum digit), while using these digits for the creation of a virtual card cryptogram.

This cryptogram carries the virtual account number, some transaction instructions and is directly linked to the transaction amount. MVCs are generated offline (without any network signal being present) on the mobile phone itself, thus eliminating the risk of illegal use by third parties, which may gain access to them via, for example, the network, the network operator or the back-end issuer. Once created, MVCs can be entered into any card accepting device to effect payments. By offering an independent channel for generation and utilization, MVCs provide a very advanced form of security, as they cannot be skimmed, phished, tapped, cloned or modified.