The solution, dubbed The Mobile Virtual Card (MVC), makes use of virtualization techniques and 2-factor authentication.
The user downloads the MVC application into his/her smartphone and registers, via either web, phone banking or at the banking branch, one or several of his existing credit or debit cards to be used for EMV mobile payments at merchant locations.
The solution does not require any changes to the existing acceptance infrastructure (POS terminals) for NFC proximity payments, and does not require network connectivity at the time of payment. The cards registered by the user can be updated via a remote management system integrated into the Mobile Virtual Card client-server system of the financial institution.
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