South African based, Net1 Mobile Solutions, a business unit of Net 1 UEPS Technologies, today, 7 March 2014, announced it has launched its Mobile Virtual Card (MVC) technology with selected partner, Pay in Private, in the United States.
Pay in Private is in partnership with a US based marketer with experience in online financial services and the solution offers users unmatched security and accessibility to transact online using mobile handsets. Pay in Private is a new way to pay online that uses Net1’s proprietary one-time use MVC Debit MasterCard generated by a smart phone App.
In September 2013, a report from the Pew Research Center in the US found that 86% of internet users have taken steps to increase their privacy as a result of ongoing compromises related to their personal and financial information.
“To meet this growing need for privacy Net1 Mobile Solutions, together with Pay in Private, provide a secure payment solution that is as anonymous as paying with cash,” says Philip Belamant, Net1 Mobile Solutions Managing Director.
“Pay in Private is a free Android and iPhone App that eliminates the need for a plastic card and generates a single use virtual card on demand, without the need for the user’s phone to be connected to a mobile network.”
The MVC solution is prepaid and provides users with the flexibility of using their virtual cards wherever Debit MasterCard is accepted. Deposits are FDIC insured up to $250 000.
“With both credit and debit card fraud on the rise, this timely solution not only demonstrates our ability to create secure technological solutions that are interoperable with existing worldwide payment networks, but also offer consumers a tool that provides guaranteed privacy and security when spending online”, says Belamant.
“The simplicity of our MVC is matched only by the strength of the security and functionality it provides, and the fact that it operates off-line gives our customers accessibility at all times, enhancing customer experience.”
“We are excited to partner with Net1 Mobile Solutions and to leverage their extensive expertise in alternative payments and security,” said Jerry Klein, Pay in Private Chief Executive Officer.
“Our customers are increasingly demanding higher levels of privacy and security to transact online. Our patented process does not disclose any personal financial information, and provides increased privacy, protection from identity theft, and an online payment option for those who do not have access to a physical plastic card,” Klein concluded.
Net1 Mobile Solutions continues to enhance its relationship with its US based partners to offer a comprehensive virtual card issuing, processing and distribution service.
“The introduction of Pay in Private marks the first step in Net1’s renewed focus on introducing our MVC card-technology across multiple geographies,” adds Belamant.