VMoney redefines the world’s payment landscape
Rosalinda L. Orosa (The Philippine Star) - August 16, 2014 - 12:00am

MANILA, Philippines - With the Philippines quickly emerging as one of the tech tigers in Asia, an e-commerce start-up sees the opportunity to build on the trend towards cashless payments, real-time fund transfer, and full access to funds beyond borders. 

VMoney, a budding top of mind solution for both the unbanked and underbanked, redefines the standard for security, simplicity, and convenience. The groundbreaking solutions that VMoney constantly creates and develops pave the way for revolutionizing technology by driving the flow and management of funds to a whole new level. VMoney’s comprehensive yet simple to use features and vast usability continue to push boundaries and make way for a new method of transacting. 

NFC as the future of payments

A burgeoning trend globally is the use of Near Field Communication (NFC) as a payment method.  VMoney has developed a line of NFC products -- sticker, bracelet, keychain, and ring -- which grants the owner direct VMoney account access and enables cashless payment at any establishment by tapping the VMoney NFC device onto an NFC reader.  Unlike the traditional swipe with its vulnerability to security breach, NFC is the more secure alternative to payments.

VMoney, predicated on anti-fraud principles, has even added extra layers of security in its NFC solutions.  Ideal for large transactions, VMoney’s TAPnPAY is the most secure NFC payment solution and is the first in the region to use NFC payments with two Factor Authentication. For quick micropayments, VMoney has also developed TAPnPASS, which allows for offline transactions where credits are transferred from the VMoney account to the NFC device.  Because PIN verification is not required, TAPnPASS devices are further protected with VMoney’s proprietary security and authentication application to encode stored value data, further shielding transactions from fraud.

Secure NFC stored value load from mobile app

VMoney continues to transform and streamline the payment landscape by developing technological innovations ahead of its competitors and is proud to introduce a new feature that will enable secure TAPnPASS fund transfers.  Armed with two layers of encryption, this new feature grants users the ability to transfer stored value onto their NFC card or device by simply tapping it onto a mobile phone using the VMoney App – a first in the world. The stored value card or device can then be used for various offline payment needs including transportation fares and even retail purchases, thereby revolutionizing everyday life.

Furthermore, in line with our goal to promote the entrepreneurial spirit among Filipinos, this new feature will instantly allow individuals and small entities to become loading facilities for these stored value cards without much capital outlay. Funding one’s VMoney account is easy, as funds can be added through over 7000 convenient over-the-counter and online loading facilities.

Beyond contactless payments: Where innovation meets practicality

Outside its NFC solutions, VMoney offers a holistic suite of products and services that encompass the end-to-end flow of funds disbursements, online and POS payments, and loyalty programs, all on one platform. Its versatility and flexibility enables all types of customers, businesses, educational institutions, and government agencies alike to find an application for its use.

VMoney’s online payment gateway can be a payment option for online stores and integrates easily and seamlessly, advancing speed and security of transactions between the merchant and its members. Also, VMoney offers a comprehensive, flexible, and customizable loyalty platform that easily integrates with existing merchant systems, and cost-effective POS solutions with shopping cart and inventory management capability.

Beyond servicing businesses, VMoney also enables the underserved to access and manage their funds through a dashboard that allows them to easily send and receive funds in real-time, pay bills online, buy prepaid load, and avail of a VMoney Prepaid MasterCard. Customers not only enjoy the convenience of these online features, but they also gain a sense of personal security with less cash carried and a heightened sense of status with the ability to transact using their VMoney Prepaid MasterCard. 

As a recent example of its efforts to empower institutions and revolutionize everyday life, it is set to implement a new ID system for Bannister Academy, a private school in Pasig. The traditional ID card is now equipped with payment functionality – students can enjoy using their IDs to pay at the school canteen or library, further reiterating VMoney’s usability and applicability to even the simplest of scenarios.

“Both consumers and merchants alike will enjoy an unmatched experience with VMoney as we continue to empower people and carve new frontiers.  Our end goal is to create great customer experience and elevate quality of life, thus our slogan ‘Live Freely’,” shares Ralph Santos, president and chief executive officer.  Indeed, VMoney continues to commit itself to breaking boundaries and building greater opportunities and ease for its users.  The world of convenience, simplicity, and security once just imagined is now possible with VMoney.

BANNISTER ACADEMY FACTOR AUTHENTICATION LIVE FREELY NEAR FIELD COMMUNICATION NEW NFC PAYMENT RALPH SANTOS VMONEY
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