VIRTUAL ACCOUNT It is a virtual wallet that can handle all of your payment transactions
Each Virtual Account has its own PIN, that grants to the user an high level of security.
One can import funds to his Virtual Account using: - Credit Card - RID - Scratch Card - Cash
ONE SHOT CODE (European Patented Procedure) It’s a credit card code whose credit, set by the user, is limited to the amount needed for the payment transaction. One shot code can be used for a single transaction. One shot code has limited credit and time validity. Purchase transaction can be made on internet or traditional shops.
BANCOMAT CODE (European Patented Procedure) It’s a debit card code whose credit, set by the user, is limited to the amount needed for the transaction. Bancomat code can be used for a single transaction. Bancomat code has limited credit and time validity. Cash can be withdrawn on every ATM equipped with V-MAC client for Bancomat (Banco-MAC).
One user can send payment to another user simply specifying the amount and the recipient e-mail address or his mobile number. Most of the P2P transactions are related to online purchases (subscribed merchant).
P2P (PERSON TO PERSON) What it is A tool to make payments easy to use, safe and reliable. What it does It makes safe, easy and quick money transfer from a person to another with a different tool than traditional. How does it work System usage is limited to Virtual Account owners: to become a Virtual Account owner you only need to subscribe online. The Virtual Account is now enabled to make operations such as transferring money to another user. It is possible to send money to a non subscribed user just entering his mobile number or email address. In this case the systems sends an email or SMS inviting the recipient to subscribe the service for validating the transaction.
P2P - PAYMENTS Can send money to every owner of email address or mobile phone. Can pay for goods and services bought from registered merchants.
P2P - SHOPPING Make payments without sending private information to sellers. Sellers receive payments without knowing the customer financial details. Protection against unauthorized access: For each transaction V-MAC sends a notification email.
The Card Holder connects to the merchant site then selects the good or service to buy. Calls V-MAC system. V-MAC checks for the user credit and sends the “One Shot” code. The Card Holder uses the “One Shot” code like a real Credit Card. The Merchant website checks the validity of the code like usual.
The Card Holder enter the shop. Chooses the good or service to buy. Calls V-MAC system. V-MAC checks for the user credit and sends the “One Shot” code. The Card Holder uses the “One Shot” code like a real Credit Card through the “Card not present” procedure. Shopper checks that the payment succeeded as usual.
BANCOMAT CODE Solves most security issues. The card can be lost, broken or demagnetized. PIN proliferation.
BANCOMAT The Banco-MAC application must be installed on the Cash dispenser. User is safeguarded from ill-intentioned spying the operation trying to steal the code. Cash withdrawal is ensured even if the card get demagnetized. User can send the bancomat code to another people that needs to withdraw cash.
POTENTIAL CUSTOMERS Every owner of a credit and/or debit card. Every owner of a mobile phone. People not willing to spread their credit card number over the internet. People preferring to shop anonymously on-line.
SYSTEM FACILITIES The solution applies both the e-commerce and m-commerce market (rapidly growing market in Europe). Prepaid and P2P are both usable from people not owning a traditional credit card (most of them are young and prone to use new technologies). Verifies the account number and the available credit. Informs the user of available credit. Does not accept requests without available credit. Allow the user to access the service 24 hours a day, 7 days a week. Manages the transaction security (for both the card holder and the merchant). Allows banks and managers of the banking services to provide a value add service to their customers. Allows to integrate legacy credit and debit card circuits easily. Avoids to spread the credit card number over the internet (virtual card solution). Avoids the shoppers to access user private information. Stores all the transactions information in the event of a dispute. Multichannel availability: IVR, WEB, SMS. Software platform easy to integrate with legacy systems (billing, telephone network etc). Known to the market for being capable to handle high volume transactions (6 millions a day). No credit limit or known technical constraint.
Using One-Shot code over the internet
Using One-Shot code in traditional shops
BASE SECURITY External world interface (WEB, WAP) over SSL protocol. Codes used (VA, One Shot, Bancomat) are made of 16 digits and generated by cryptographically secure algorithm.
