The state-of-the-art system will promote mass usage by NFC technology embedded in mobile devices, through the bank's Internet-enabled applications or other leading commercial companies. One of our significant developments, a "one-time virtual card" (card / transaction), which has a unique characteristic.
Instead of using the plastic card, the consumer will "tap" his smartphone over the payment station. At the same time, information about the rolling transaction will be sent to the bank and it will issue a virtual credit card number in realtime and within milliseconds for the transaction, which is charged with the exact amount of the transaction. The number of the virtual card will be entered automatically to the cellular phone and transferred immediately to the cashier. At that moment, the regular acquiring process will begin as in any ordinary credit transaction.
For the first time in the world, the bank will be informed by the bank account owner that a transaction is going to be made prior to the purchase and in real time, enabling the bank with a convenient opportunity to check the customer's bank account, "freeze" the amount to be paid, identify the customer, and issue a one-time approval for the transaction before the traditional payment process is launched.
The bank will get a secure verification that the account holder is the person who runs the application and asks to purchase at the merchant's cashier. Identity theft is prevented.
If the customer does not have a credit card, the bank assigns a one-time credit card number / transaction number, loads the amount of the transaction on card and sends it through the application to the merchant's cashier. This one-time credit card number is
valid to that specific transaction only, thus, cannot be hacked, stolen, or re-used. Fraud is prevented.
The use of "DizziPay" is expected to save tens of billions of dollars annually to banks, card issuers and acquiring companies worldwide. The safety net provided by "DizziPay" in carrying out the transactions in stores and on the Internet will lead to a significant reduction in the costs of security mechanisms, reduce the need for a risk management system, and will sharply decrease investment in preventing plastic card fraud. The huge amounts of money that are being lost because of thefts are accompanied by a significant financial investment in expensive security measures whose effectiveness decrease every time. The data we have gathered shows the depth of the global credit crisis, which is expected to be significantly reduced by using the technology we developed
With DizziPay, the Bank has vast new markets opportunities that will increase the bank's customer base translated into more volume and more income. The credibility trust and loyalty between customers and their bank rising.
New markets opportunities such as bank account owner with no credit cards, the hesitant customer who avoids using his credit card online. The bank reputation, trust, long relationship with the customer will rise. Because no credit history is needed to use DizziPay one-time credit card number, the bank customers will feel they are being less threatened, less restrictive and less judged by their bank.
Yes, Dizzy's unique mechanism will enable customers to make a purchase anywhere they would like, face to face or online transactions, while automatically receiving a one-time, secured card number. DizziPay enables consumers to pay at merchants anywhere in the world with the assistance of the bank in which their account is managed.
DizziPay Technology does not require replacement of terminal equipment in millions of businesses around the world and does not require any change in the existing acquiring system
No. DizziPay one time credit card number is valid to a one time transaction only, making DizziPay the most secure payment system in the world
Reducing the manufacturing costs of credit cards, which today reaches 30 billion cards a year, if lined up end-to-end will surround the earth 3 times.
Unlike most other payment solutions, the implementation of the "DizziPay" system creates a dramatic change in a negligible cost: the new system does not require replacement of terminal equipment in millions of businesses around the world and does not require any change in the existing acquiring system. Instead, the whole mechanism will be embedded as a software add-on in the bank.
No. The customer can shop anywhere, face-to-face or online. The only pre-requisite for a customer is a bank account, mobile phone with the bank's application installed, and enough funds in the bank to complete the transaction (The bank can decide upon an option to give credit load to customer when funds are not enough). Unlike any other payments using a plastic credit card, with DizziPay, bank customers do not need to own a credit card, does not need to go through credit history checks etc.
No, DizziPay one-time card number details are not save anywhere and are valid to only onetime transaction, making DizziPay the most secured payment system in the world.
The customer is protected from fraud as the bank identifies him/her as the bank account owner, checks whether they have enough funds to make the payment, supply a onetime card in real time which can ba used at the merchant. The entire process is secured and significantly reducing fraud risks and identity thefts.