One user interface, regardless of the mobile phone being used
Millions of users worldwide cannot buy goods and services on the
Internet (web and mobile Internet) except through expensive Premium SMS
payments, and then usually only ringtones and games. Bancore now gives
its business partners the possibility of offering their customers a
prepaid virtual MasterCard card number to be delivered directly to
mobile phones or e-mail addresses.
End-users worldwide will, with a few SMS commands or via (mobile)
web, be able to request a valid prepaid MasterCard card number with a
value of up to USD750 - without registration. Higher values are
available if an end-user registration is included. The mobile virtual
MasterCard is a fully functioning card number, including expiration
date and VV/CVC security number. The virtual MasterCard number is
issued directly to the consumer’s mobile device without the need for
cumbersome KYC registration (KYC = Know Your Customer) and without an
actual physical card being involved.
In this way, cash can be converted to digital cash, and millions of
unbanked people can now buy goods and services on the Internet and in
mobile e-shops. The uploading of cash to the mobile phone to cover the
desired MasterCard amount can take place via vouchers (for instance from
mobile airtime dealers and currency exchange bureaux), bank transfers,
registered credit cards etc.
The user does not need to download software to his phone. Any phone with SMS functionality can use this Bancore service.
Workflow
As a first step, the user needs sufficient cash in his Bancore
account. If required, cash can be added via a voucher purchased from a
retailer, via a transfer from a friend/family member, or online using
an existing VISA/MasterCard or bank account - see the SMS example
below, where a person uploads funds and buys a $25 MasterCard card.
Other communication methods like USSD and mobile Internet are
compatible, and the commands may be customized to suit individual
countries.
When the end-user receives his confidential pin number he can change
it immediately. Once the account has the necessary credit balance, the
user can order a virtual MasterCard card number.
The user can now purchase online, using his virtual MasterCard number
at any shop accepting MasterCard payments (note that some online
merchants have limitations regarding the MasterCard card they will
accept, e.g. the card has to be issued locally, or they only accept
cards where a KYC registration has taken place).