A method for providing a virtual card using a mobile communication device for performing a transaction, the method comprising the steps of:
- displaying a login menu through a graphical user interface (GUI) of the mobile communication device;
- receiving entered user credentials of a user provided by an issuer financial institute;
- providing a backend processor that is configured to compare the entered user credentials and configured to compare an international mobile equipment identity (IMEI) number;
- verifying, by the backend processor, the entered user credentials by comparing the entered user credentials with information stored in a backend server of the issuer financial institute;
- verifying, by the backend processor, the IMEI number by comparing an IMEI number of the mobile communication device used for entering user credentials with an IMEI number provided by the user to the financial institute;
- blocking the virtual card if the IMEI number of the mobile communication device does not match with the IMEI number provided by the user to the financial institute;
- allowing the user to change the user credentials including a PIN of choice if the IMEI number of the mobile communication device matches with the IMEI number provided by the user to the financial institute;
- and
- displaying details of the virtual card including type of the virtual card on the GUI of the mobile communication device;
- wherein the backend processor enforces device-bound transaction authorization by permitting activation and use of the virtual card when the verified IMEI number corresponds to the mobile communication device initiating the transaction, and by blocking the virtual card upon detection of an IMEI mismatch;
- wherein, the displayed virtual card is configured to be activated by the user using any one of a SIM card and a communication module provided on the mobile communication device;
- allowing the user to withdraw cash from an automated teller machine (ATM), wherein withdrawing cash from the ATM includes the steps of:
- prompting, by at least one of the ATM and the mobile communication device, the user to pair the mobile communication device with the ATM using the communication module or to give a missed call to a number displaying on the ATM using the mobile communication device,
- receiving, by the mobile communication device, login information from the user of a virtual card application for using the virtual card,
- prompting, by at least one of the ATM and the mobile communication device, the user to enter an amount to be withdrawn and the PIN appended with a 4-digit random number of choice to process a withdrawal, and
- dispensing, by the ATM, cash based on an account balance in case of a debit card and cash withdrawal limit;
- allowing the user to pay for online shopping through at least one of a personal computer and the mobile communication device, wherein paying for online shopping includes steps of:
- prompting, by at least one of the personal computer and the mobile communication device, the user to choose the virtual card as payment method while doing shopping on an e-commerce site,
- receiving, by the mobile communication device, login information from the user of the virtual card application;
- prompting, by at least one of the personal computer and the mobile communication device, the user to confirm a transaction for the amount details shown on a pop-up window, and
- prompting, by at least one of the personal computer and the mobile communication device, the user to enter the PIN appended with a 4-digit random number of choice to process the transaction;
- allowing the user to use the virtual card on a POS terminal by prompting the user, via at least one of the POS terminal and the mobile communication device, to pair the POS terminal with the mobile communication device using the communication module, followed by verifying, by the backend processor, the user credentials and IMEI number and then prompting the user, by at least one of the POS terminal and the mobile communication device, to enter the PIN appended with any 4-digit random number to process the transaction;
- allowing the user to use the virtual card to pay via a QR code by allowing the user to open a camera of the mobile communication device for scanning the QR code from the virtual card application, followed by verifying, by the backend processor, the user credentials and IMEI number and then prompting, by at least one of the POS terminal and the mobile communication device, the user to enter the PIN appended with any 4-digit random number to process the transaction;
- allowing the user to use the virtual card to pay via an electronic wallet by allowing the user to select a recipient from the application user and nonuser, and entering a mobile number of an application user recipient or account details of an application non-user recipient, followed by verifying, by the backend processor, the user credentials and IMEI number and then prompting the user, by the mobile communication device, to enter the PIN appended with any 4-digit random number to process the transaction;
- and
- blocking the virtual card at a wrong IMEI number or at an incorrect entry extending three chances of entering a correct user credential or PIN appended with random code combination.