Pay by Account - NFC from bank account

As we have done several Pay by Account projects, I would like to share some information on what is the best way to implement such a solution. 

Pay by Account or - in other words - mobile NFC payments directly from a bank account is an important product development step for many local schemes. Usually it is not enough to enable money transfers, QR payments or bill payments, and it would be beneficial to make use of the global authorisation and clearing network of Mastercard and VISA. In such a case, users of local schemes like BLIK in Poland or PIX in Brazil could be using or are using mobile phones to pay globally. 

The solution is not difficult to implement using virtual cards and some local settlement ideas. There are the following architectural components:

The key implementation steps are as follows:

1. Every user interested in using contactless, eCommerce, or inApp payments will get a hidden virtual payment token
2. The token will be tokenised at a mobile phone of the user (usually Issuer Wallet SDK) and will be used for payments on the standard Mastercard or VISA acceptance network
3. In case the token is used to do domestic transactions at acquirers and terminals integrated with a local scheme, the authorisation and clearing will be routed to a local scheme
4. In case the token is used for international transactions, globally, at any terminal in the world, the authorisation and clearing will happen via the standard Mastercard or VISA settlement network

To enable this project you need to have a virtual card issuer or card issuing processor with super low fees per card - test us :)  You will also need some support from Mastercard or VISA to agree on such a processing mechanism. Additionally, certified SDKs and backend components for contactless payments will be necessary (we can provide as well).

There have already been several implementations of similar schemes in the world. We are happy to discuss this setup in more detail.

Thanks for reading.