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).