VoicePay - Send money - Money transfer

VoicePay - Send money - Money transfer - Transfer money

Personal Account - Voice Pay®

The VoicePay® wallet is a virtual, web-based electronic wallet which enables consumers to transfer funds to and from any merchant that accepts VoicePay® payments. The VoicePay® wallet provides the ability for any merchant or consumer to send and receive online payments securely, conveniently and cost-effectively.

When a customer visits a Merchant's website, they are given the option to select VoicePay® as their preferred payment option. The customer is then automatically directed to either the VoicePay® website, VoicePay® or to VoicePay® via a telephone call, where existing VoicePay® consumers authenticate transactions and the transfer of funds. A new consumer can sign up for a new account within a short period by providing certain personal information including their name, address, email and telephone number. As part of the activation process, Voice Commerce Group attempts, through various means, to validate the identity and risk profile of new consumers.

There are two main transaction types on the wallet:

1. "Voice Authentication and Security only"

In this type of transaction no balance is created on the account (and therefore no e-money is created). The account acts purely for the following 3 reasons:

A means by which the cardholder can secure their card data and not have to divulge it to any online merchant (VoicePay® act as a "gateway" to Voice Transact Merchant Services).
A record of purchases made online with Voice Transact Merchants (a statement of activity)
A means by which Voice Transact Merchants can biometrically identify their consumer by their voice (an anti-fraud and security measure)

2. "Voice Authenticated Wallet Transaction"

In this type of transaction a "deposit" (and therefore an e-money outstanding) is created on the account. The funds can then be used to transfer to another individual ("P2P") or to make a purchase from a Voice Transact Merchant at a later time. This functionality operates in addition to the items in "1" above. For a consumer to activate this functionality they will need to undergo additional security checks for AML, KYC and anti-fraud purposes.

Consumers have real-time access to their VoicePay® accounts via the Internet, and may transfer funds at any time. VoicePay® utilises the BACS network to accept transfers from the bank accounts of its UK consumers as well as credit card payments. A consumer may request funds to be transferred from a merchant into his VoicePay® account and from there he may transfer funds to another merchant or consumer or initiate a transfer to his bank/card account. VoicePay® will also expand the deposit options available by way of geographical reach, type of currency and funding options on an ongoing basis.

VoicePay® is a directly operated consumer service that may also operate as a co-branded solution with a Bank deploying Voice Transact. VoicePay® lets consumers open an online "authorisation account" that requires no pre-payment or balance which then enables the completion of "on demand" voice signature supported purchases, the use of Person to Person payments, the use of automated escrow facilities on web sites (for example EBay) or the use of remittance or money transfer home services (subject to completion of Know Your Customer procedures).