Zazoo, the United Kingdom subsidiary of Net1 Universal Electronic Payment System Technologies has recently unveiled VCpay. VCpay is a mobile virtual card technology which allows people to create virtual credit cards that can be used to make online payments.
Zazoo’s VCpay will enable its users to pay using cryptocurrencies over a conventional online or in-app payment gateways. In order to develop VCpay, the company has entered into an exclusive partnership with BitX, a bitcoin exchange and payments platform headquartered in Singapore. According to Zazoo, the company’s deal with BitX allows VCpay to overcome interoperability challenges in the financial system.
These VCpay mobile virtual cards set up on cell phones are capable of working even when the device has no data or cellular connection. VCpay enables users to create virtual credit cards with valid credit card number, CSV and expiry dates. In order to make payments with these cards, the VCpay has to be either connected to a bank account or BitX bitcoin wallet. Those who wants to use bitcoin for making payments can deposit bitcoin into their BitX wallet linked to VCpay. Once transaction is made,