Bank Buying Rate Forex South Africa
Capitec launches virtual banking card in South Africa
Capitec is South Africa's largest digital bank and it's expanding its offering with the launch of a virtual banking card.
The card is saved on a client's banking app and is safer than a physical card as it cannot be stolen, lost or cloned.
Capitec's virtual bank card is the answer to safe shopping, especially for those consumers who are cautious about online transactions, or worried about fraud and security.
The card is available to all clients. All you need to do is activate it on the new banking app. The card can be used to make secure payments, online shopping, for scan-to-pay and for payments on apps such as Netflix, Uber, Takealot and so on.
Clients are able to stop their virtual card if they have security concerns. Through the app, a new virtual card can be ordered. The virtual card limit is the decision of the client and can be changed if necessary.
How it works
Clients can create their virtual cards on the Capitec app.
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.
It is not a duplicate of the client's physical 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. Clients can manage the virtual card and its limits on the Capitec app.
How to activate a virtual card
- Sign in to the Capitec Bank app
- Tap Cards in the bottom tab bar
- Choose Virtual Card in the top-right corner
- Tap Add Virtual Card button, then follow the sign-up steps to
complete.
Paying online
Clients can simply go onto the Capitec app to view the card's details.
They can tap the virtual card image on the app screen and the back of
the card will appear with the card number, expiry date and the security
code.
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. Remember to set your online shopping limit on the app
to allow for the transaction to go through.
Security and convenience
- Using a virtual card is safer than a physical card as the virtual card's details are protected and kept on the Capitec app.
- Virtual cards can be stopped immediately on the Capitec app and a new one, with a new number and CVV, can be created.
- The client's physical card will continue to work even if they stop the virtual card. There is no real link between the virtual card and the physical card, other than using the same transaction account.
- If a client's wallet or physical card is lost or stolen, the physical card can be stopped on the bank's app and the virtual card will continue to work, which means clients are not stranded without any means of payment.
- Clients can set a different limit for their virtual cards on the Capitec app, which provides an extra layer of protection when using the card for online or scan to pay purchases.
- As the virtual card is linked to the client's Global One account, all activity shows up on their statement just like any other purchase, but the account number is never exposed.
- When traveling, globally and abroad, clients don't have the risk of
the card being lost or stolen.
Bank Buying Rate Forex South Africa
Source: https://global.techradar.com/en-za/news/capitec-launches-virtual-banking-card-in-south-africa
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