Net1’s virtual-card technology to be rolled out in India
On Thursday, Net1 said its virtual-card technology would be used in India for "one of the world’s largest virtual-card programmes". One MobiKwik Systems, an Indian mobile payments firm, launched the virtual-card scheme in partnership with Mumbai-headquartered IDFC Bank and Visa, using Net1’s proprietary virtual-card technology, Net1 said in a statement. "More than 260-million users will eventually have access to MobiKwik’s virtual Visa pre-paid card in phases, with 65-million existing users part of the first phase," Net1 said. The virtual, pre-paid card would be available by invitation only, and would be rolled out to all MobiKwik Android and iOS users in early December. The co-branded IDFC virtual card, available on MobiKwik’s app, would allow users to make digital purchases at e-commerce merchants. "The successful roll-out of one of our flagship products at such scale in India further reinforces our focus and investments in India," said Net1 CEO Herman Kotze. "This combined initia...
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