Capitec has launched a virtual banking card, which is completely digital. It is aimed at customers who shop and do payments online, and are worried about card fraud.
Like a physical card, clients can use it online, but it’s safer than a physical card which can be stolen or duplicated.
The virtual card is loaded to the Capitec app, and you can view an image of the card – complete with its card number, expiry date and CVV – on your app.
It is not a duplicate of the client’s debit card and has a different number and CVV. “It is in fact a new, virtual debit Mastercard that is linked to a client’s Global One account,” Capitec says.
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The virtual card can be used for any online payments – including for Netflix, Takealot and Uber, for example.
There is no real link between the virtual card and the physical card, other than using the same transaction account. This means that if a physical card is lost or stolen, the virtual card will continue to work.
Virtual cards can be stopped immediately on the Capitec app and a new one, with a new number and CVV, can be created.
“You never have to worry about lost, stolen or duplicated bank cards again. If you are cautious about online transactions, worried about fraud and security, Capitec’s virtual bank card is your answer to safe shopping,” the company said in a statement.
As the card is stored in the app, clients do not have to visit a branch to get their virtual cards. The virtual card is free to download and to use, and there are no virtual card fees.
“The virtual card is available to all our clients. They just have to activate it on our new banking app,” says Francois Viviers, Capitec’s executive of marketing and communications.
Clients can create their virtual cards on the Capitec app, by going to the cards section in the bottom tab bar, choosing the “virtual card” option and following the sign-up steps.
To pay for online goods or services, these details (the number, expiry date and security code) should be entered as would normally be done with online purchases.
Business Insider SA
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