The service is currently in the implementation phase and is expected to launch in July 2015. To use the service, customers need to download a co-branded Nepal Bank and Nuspay mobile app and link their bank account to it. They will then be able to make a payment by tapping their NFC phone against contactless-enabled terminals.
The service uses Nuspay’s tokenization method, the Nuspay Virtual Account Solution (NVAS), which is a payment solution not linked to any particular debit or credit card but directly based on the customer’s bank account where real information of a customer is never disclosed.
Virtual Account replaces sensitive personal data with a temporary payment token. This token is generated for every time on request against customers’ bank account details and not against the debit or credit card details.
Nuspay is a global information technology company committed to enabling payments method.
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