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Capitec has announced the launch of a virtual card for clients — a completely digital banking card that can be used to shop online or make digital payments.
According to the bank, the benefit of this digital card is that users don’t have to worry about it getting lost, stolen, or cloned.
The card is saved in a client’s Capitec banking app. Just like a physical card, it can be used online.
“Online shopping and digital payments are growing exponentially every year. While savvy online shoppers will quickly take to the flexibility and ease of virtual bank cards, these cards can especially benefit all those who have been weary of online transactions in the past. For them, it can open up a new world of convenience, without having to worry about card fraud,” says Francois Viviers, Executive of Marketing and Communications at Capitec.
The card is available to all clients, who just need to activate it on the banking app. Users can save it as a payment card for online subscriptions or payments (such as Netflix). You can also add it to scan-to-pay apps like SnapScan or Zapper.
Another benefit includes the ability to immediately cancel the virtual card and apply for a new one through the app. This gives the user more control if payment details are compromised.
It also removes the need to collect your new card from the bank or have it delivered.
There are also no card fees for this digital card, Capitec says.
How to create a virtual banking card on the Capitec app
To create a virtual card on the Capitec app, users must select the “Cards” tab in the bottom bar.
You then select “Virtual Card” in the top-right corner and tap the “Add Virtual Card” button.
Clients will then need to follow several sign up steps to complete the process.
Once the card is generated, users will be able to tap the virtual card to see its card number, expiry date, and CVV code. You can also set the card limits on the app.
Since the digital card is not linked to your physical card, you can cancel it without worrying about being unable to use your main card.
Likewise, if you cancel or lose your physical card, you can still use the virtual one.
Feature image: Capitec