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Capitec has launched its new virtual bank card, which is available within its mobile banking application.
The Capitec virtual card is a digital bank card that is stored in a customer’s Capitec banking application. It can be used as a normal physical card for online shipments, with the added advantage that no one can steal or duplicate it.
Capitec said its virtual card is available to all of its customers and can be used to securely make payments and purchase products online.
It can also be set as the default card for scan transactions to pay and charge for payment on apps like Netflix, Takealot, and Uber.
How the virtual card works
The Capitec virtual card is free to download and use, and there are no virtual card fees.
It consists of a new virtual debit card with its own number and CVV. Customers can manage the virtual card and its limits in the Capitec app.
Capitec said that customers should follow the steps below to activate their virtual card:
- Log into the Capitec Bank app.
- Touch Cards on the bottom tab bar.
- Choose Virtual Card in the upper right corner.
- Tap the Add Virtual Card button, then follow the registration steps to complete.
After creating a virtual card, customers can view the relevant details within the Capitec app, allowing them to make online payments using the virtual debit card.
Customers should remember to set their online shopping limit to ensure the transaction goes through, Capitec said.
Safety features
Capitec also highlighted the following security features of its new virtual card functionality:
- Using a virtual card is more secure than a physical card as the details of the virtual card are protected and stored in the Capitec app.
- Virtual cards can be stopped immediately in the Capitec app and a new one can be created, with a new number and CVV.
- The customer’s physical card will continue to function even if the virtual card is stopped. There is no real link between the virtual card and the physical card, other than using the same transaction account.
- If a customer’s physical card or wallet is lost or stolen, the physical card can be stopped in the bank’s app and the virtual card will continue to function, meaning that customers are not left stranded without any means of payment.
- Customers can set a different limit for their virtual cards in the Capitec app, which provides an additional layer of protection when using the card for online purchases or scanning to pay.
- Since the virtual card is linked to the customer’s Global One account, all activity appears on their statement like any other purchase, but the account number is never exposed.
- When traveling, globally and abroad, customers do not run the risk of their card being lost or stolen.
- “We certainly expect that the use of virtual cards will grow because of the security and convenience they offer, but also because they provide a new comfortable and secure online payment experience for those who were reluctant to make digital transactions in the past,” Viviers concludes .
Francois Viviers, Capitec’s marketing and communications executive, said the need for secure online transactions is particularly important with Black Friday and the holiday season on the way.
“This environment demands more online shopping, even among customers who have never tried it before. We are grateful to be able to provide an easy and secure way to shop. “
“If a customer has a security problem, they can stop the virtual card in an instant and request a new one in our app,” Viviers said.
“The customer can also set the virtual card limit in our app, and it can be changed quickly based on customer needs.”
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