Nuspay Venturing in Deep Tech toward the Middle East with its Virtual Account Payment System

Nuspay Venturing in Deep Tech toward the Middle East with its Virtual Account Payment System

Nuspay entered the digital payment industry very early and became the World’s First Virtual Account Payment system. It has already garnered multifarious praises from all across the world. The pillars of Nuspay’s strategies relies on its virtual products where many companies have the common names but not all know the intricacies of virtual accounts. After winning over multiple regions of the world, Nuspay is now willing to enter the Middle East.

Nuspay’s Move to Transform the Digital Payment Scenario in MENA

According to an investigative journal,” The Middle East and North African regions are anticipated to see an increase in Virtual Payments with a compound annual growth rate of 6.5%, spanning from 2020-2025.” With new platforms and equipment in place, the growth is imminent. The recent downturn has also stipulated the countries of the Gulf Council to resort to virtual payments for improved revenue and tax collection, with top notch transparency and security. There is a deep transformative stance on Nuspay’s part to completely secure and diversify their ecosystem, with formalized plans to become an entirely cashless economy. Virtual accounts payment solution is the perfect tool to overcome the banking and rationalization problems. In the last couple of decades, worldwide treasury yields have undergone a doubling in bank balances, with consumers and distribution networks rising internationally. The cost and time to create and manage all these accounts is taken with it. 

The Basics of Virtual Account Payment System

Virtual payments are basically the way a bank accounts are managed and salvaged online from the prying eyes. Mr. Md. Abul Mansur, the Founder & Managing Director of Nuspay states "Traditionally, firms have arranged financial balances by providing different tangible bank accounts & in this case, a single bank account will be enough to carry out multiple transactions with ease”. 

Virtual accounts structure the details inside a bank account to be broken into mini accounts or intangible accounts. As in a regular bank account, the present value, closing accounts, receiving deposits and pending transfers are available for each simulated account. To do so it is necessary to attach a specific ID to receipts and incoming transfer so that the contemporary solution of the bank will assign it to the correct online account and then in return the related bank account. These identifiers will be unique codes, where the true bank account information will be hidden and the security code must be used in making the payments.

Virtual accounts allow users to open any amount of virtual accounts until the users build their physical master account—all with limited supplementary documentation. This is one of Nuspay's major characteristics of Virtual Account Payment System. Virtual accounts may, in some circumstances, eliminate and substitute actual bank accounts hence no reporting data are lost. Therefore, it could save both time and resources to rationalize conventional accounts into automated ones. Virtual accounts may, in some circumstances, eliminate and substitute actual bank accounts hence no reporting data are lost. Mr. Md. Abul Mansur also adds, “Nuspay leans towards Deep Tech to address payment security, alternative investment and digitizing REIT through innovations for solving complex social problems due to the recent pandemic. Nuspay plans to partner with service providers in REIT, FinTech sectors in Middle Eastern countries for digitizing assets and securing transactions. Nuspay strongly believes that Deep Tech based services in various sectors in the middle east could play important roles to capture untapped markets in property sectors and gold markets besides commodities exchanges by providing digital platforms for connecting with global marketplaces''.

Future Propositions of Nuspay’s Virtual Payment System

The advantages of virtual accounts are believed to favor all consumers, and its service isn't sectoral. This ensures that it is scalable and adaptable to businesses with varying applications, i.e. different firms may use the accounts in different ways. A property manager, for instance, might use them to track cash flows for each home, and a tech firm might use them for the monitoring of developer payments. 

Migration to virtual accounts is just as simple as moving bank accounts, while proper preparation in collaboration with the bank is important to organize them into more advanced solutions. However, the advantages of switching to digital accounts should always outweigh the costs. In brief, the Middle East Bank says that the restructuring of the treasury could rely on virtual accounts and Nuspay’s Virtual Payment Account System has all the prospects in place to venture into the Middle East Countries.