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 initiative facilitates two key components of financial inclusion, namely accessibility and inter-operability, and supports the Indian government’s co-ordinated effort to move to a less-cash world."
Upasana Taku, co-founder of MobiKwik, said, "The IDFC co-branded virtual card by Net1 will enable MobiKwik users to transact digitally across millions of merchants both on the MobiKwik and Visa networks."
Avtar Monga, executive director at IDFC Bank, said the virtual card would be "one of the largest ever issuances of pre-paid cards".