A cutting edge technology developed by Net1 Virtual Credit Card, Inc., a wholly-owned subsidiary of Net1 UEPS Technologies, Inc. (Net1), has a new product in the prepaid industry that offers consumers a “Virtual Payment Card” that can be accessed on a mobile phone. The smart phone application known as VCpay was launched a month ago and sent to tens of thousands of subscribers.
The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. is partnering with Net1 to offer the MetroPCS Virtual Prepaid MasterCard designed for Card-Not-Present (CNP) transactions in the mobile phone payments market. MetroPCS anticipates that many more subscribers will adopt the program in the coming months.
Some of the salient features of MetroPCS Virtual Prepaid MasterCard include: no credit check, no need to carry a plastic card, no bank account required, no penalty fees, no overdraft fees and no minimum balance. By just downloading and clicking the VCpay application on a mobile phone, consumers can safely pay for merchandise or services anywhere debit MasterCard is accepted through a unique, one-time use prepaid virtual card number in any CNP environment. For more detailed info on the MetroPCS Virtual Prepaid MasterCard visit www.myvcpay.com.
MetroPCS and Net1 claim this venture to be the first mobile phone-based prepaid program not requiring users to have a plastic card or a bank account. At MoneyGram’s 40,000 U.S, agent locations, subscribers can load their prepaid virtual accounts with cash. Some of the sites include many grocery, pharmacy and convenience store chains. Soon to be made available will be the ability to direct deposit into a consumer’s mobile account via bank transfers (ACH).
Eric Meniere, President of Net1 Virtual Credit Card, Inc. said:
“While we continue to see rapid growth in e-commerce, the unbanked and under-banked population has typically been excluded from this transformation due to limited access to acceptable forms of electronic payment. We are extremely pleased with our relationship with The Bancorp, one of the most innovative issuers of prepaid cards. We expect to leverage our partnership to offer VCpay to other distributors over time.”
Managing Director of The Bancorp Payment Solutions Group, Jeremy Kuiper added:
“We are excited to announce this relationship with Net1 as it is consistent with our commitment to “Changing the Way America Pays” through the development of innovative products. We believe it is critical to offer the tools that consumers require to meet their diverse needs and to simplify their payment processes.”
MetroPCS Virtual Prepaid Card is issued by The Bancorp Bank pursuant to license from MasterCard International Incorporated. For more information about The Bancorp Payment Solutions Group please visit www.thebancorppsg.com. For more info about Net1 visit www.net1.com.