Following the tragic worldwide events of this year, 2020 has been considered cursed by many. COVID-19 had the biggest impact on humanity, devastating the health and economic sector. But as everything has pros and cons, we can come up with a few pros from the pandemic. Indeed, online shopping rose around the world. Which in its turn led companies to adapt to the changes and incorporate online payments in their services and businesses.

Online payments were essential during such times. Many were afraid to get in direct contact with others and dealing with cash money became an issue as some studies proved that the virus was able to transmit through paper. As a consequence, having the hassle of sanitizing money after each payment was not a practical solution. That’s why online payments were a great tool to avoid contact between people. In addition to that packages were sanitized before delivery reducing the spread of the virus.

How online payments have evolved.

The introduction of online payments in some applications was directly related to contracts with commercial Banks which made them highly used and trusted. Those applications weren’t only used because online payments were easier and more practical. The usage of these applications was because their good firewalls and security systems protected customer’s information to the fullest. Confidentiality is something sacred for them and enables to gain the customers’ trust.

This technological move allowed the introduction of online payments in the most popular applications. Big players such as Facebook and Whatsapp developed their own payment platforms:

Why online payments with OTT’s isn’t practical?

People can communicate from all around the world through messaging or social media applications. Some applications ask to make modifications to the phone allowing the application to have access to the user’s personal information and his offline activity. The data collected is later on used to show the user ads he’ll like or people to follow. This comes as an issue for many as they do not appreciate the invasion of privacy of such applications. Some cases have even demonstrated that some applications work in the background of the phone recording information that could be used later on to generate personalized ads

Introducing online payments to social media or messaging applications isn’t practical as these applications may not have contracts with the Banks pushing the privacy issue even further. This would put a question mark on whether the customer should share his financial information on the application or not. For example WhatsApp payments were shut down by the Brazilian Government recently until they make sure that it’s safe to use it ( Protect user’s information : Balance, payments…). Which makes them wonder whether to trust the application or not.

How about a new approach?

Monty Mobile introduces its Virtual Credit Card. The app follows strict regulations and protects their client’s information in order to provide the best services for their customers.

Virtual Credit Card works hand in hand with mobile operators, introducing them to the Fintech world. Monty Mobile Virtual Credit Card offers banking services to both banked and unbanked subscribers. Allowing customers to complete their purchases with no disruption to existing merchant infrastructures and while incentivizing all stakeholders.

The Virtual Credit Card utilizes existing payment methods and replaces plastic cards with a virtual card eliminating the risk of theft and phishing. No more waiting in queues at banks, fill your cards directly from your phone balance!

“Time is money” and this is what our virtual credit card offers you.

Contact us to find out more: fintechdev@montymobile.com