Net1 Virtual Credit Card has also established a series of partnerships with US financial services provider Bancorp Bank, a subsidiary of The Bancorp, FSV Payment Systems, a prepaid debit card products and processing services provider, and MoneyGram International. Under the terms of the agreement, the latter are to provide Net1 Virtual Credit Card’s wireless subscribers with access to a card issuing, processing and distribution network.
VCpay is set to be made available as an application that customers can pre-load on new smartphones or download on existing devices. The service allows users to generate a unique, one-time use prepaid virtual card number to securely purchase goods and services or perform bill payments in any CNP environment. Subscribers can (re)fund their prepaid virtual accounts with cash at any of MoneyGrams 40,000 US agent locations.
Net1 provides its universal electronic payment system UEPS as an alternative payment system for the unbanked and under-banked populations of developing countries. The system was introduced in Iraq in August 2008 and is now used for the distribution and payment of government grants to war victims, government pension payments to beneficiaries, salary and wage distribution and payments to employees of the two state banks.
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