My summary view
- Vodafone is linking all cards in Google like “Proxy model” w/ card issued by R. Raphael & Sons plc
- Vodafone is able to see all transaction data and deliver rewards/loyalty separate from card issuer.
- Paypal is virtual card (?Mastercard) at POS
- Vodafone has enabled a contactless SIM that can operate separately from the VodafonePay application with one default card (see Vodafone Smart Pass)
- TFL/Oyster accepts various external networks (see list). Paypal operates as a virtual V or MA in this circumstance.
- Revenue for PP is 30/40 bps less Vodafone and program manager costs.
The Vodafone Pay Terms give most of the meat
“For each funding source you wish to use with Vodafone Pay, we’ll issue you a prepaid virtual card (which we will store securely on your SIM card). By ‘funding source’, we mean a UK sterling denominated debit or credit card that was issued to you by a UK-authorised bank or an account
that you hold with a UK-authorised bank or your PayPal e-wallet. You can link up to 5 funding sources via the Add a Card feature. The virtual card expires when your funding source does. […]
Because the payment goes from your funding source to your virtual card before it is completed, you may not get the same benefits (like loyalty points, discounts and card protection) as you get when paying directly with your funding source. The funds loaded onto your virtual card will not earn any interest”[…]
We, the issuer or your virtual card, are R. Raphael & Sons plc (Company Registration No. 1288938) with our head office and registered office at 19-21 Shaftesbury Avenue, London, W1D 7ED.”