Monitise has been granted a patent for virtual cards.
The UK patent relates to how Monitise, who specialise in mobile banking, payments and commerce, generate virtual cards on a mobile phone, enabling consumers to shop online without having to divulge their credit or debit card details to multiple retailers.
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Monitise said this would offer consumers a more secure way to shop online and via their mobile phones.
The virtual cards works like a prepaid digital voucher and can be created for a fixed amount or for a specified period.
Alastair Lukies, CEO of Monitise, said:
Our innovative technology allows consumers to shop in situations where they have credit and debit cards, but dont want to use them or they dont have access to such cards.
Monitise currently provides services to banks covering more than 55% of the UK retail banking market.
