- The pandemic has seen a surge in online shopping, resulting in more businesses adding an ecommerce element to the mix.
- As more people are shopping online, the use of virtual cards presents a safer option compared to their physical counterparts.
- With this in mind, Nedbank now allows its cardholders to create virtual cards in its Money app.
The surge in online shopping as a result of the pandemic has been spoken about at length in recent months, as is the need for businesses to add ecommerce solutions to the mix if they intend to make the most of digitally leaning customers.
On the other side of that equation are banks, which is why Nedbank has announced the introduction of virtual cards to its Money app. Virtual cards present another avenue for safe and convenient online payments without having to use the details of a physical bank card.
Further explaining how these cards work, Nedbank points out that they use the same funds available in the underlying card account, so clients will not have to transfer money between the linked account and the virtual card. Added to this is the fact that all purchases made with a virtual card are validated against a predefined limit, which also helps to ensure that customers remain within their budget and do not run the risk of overspending.
“Each virtual card will have its own unique card number, expiry date and security number, making online transactions simple and very secure without clients having to use their physical Nedbank card details,” highlights Maude Korte, head of Commercialisation for Nedbank Retail and Business Banking Digital at Nedbank.
“You can block and delete a Nedbank virtual card immediately after you’ve made a purchase with it without impacting the linked account or your available funds. Clients can set a spend limit for each virtual card or specify that it can only be used for a single purchase, which means there’s no chance of anyone using your virtual card details for fraudulent purchases,” she adds in a press release sent to Hypertext.
With more financial institutions adding virtual cards as an option to facilitate payments for its customers, now Nedbank is making them more widely accessible.
