Capitec Launches Virtual Banking Card

Capitec, South Africa’s largest digital bank, has quietly gone live with their virtual card, one of their many easy solutions for the modern consumer.

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.

Capitec is now expanding its digital offering to clients with the launch of a virtual banking card. The virtual card is a completely digital bank card that is saved on a client’s Capitec banking app. Like a physical card, clients can use it online, but it’s safer than a physical card as no-one can steal or duplicate it.

“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 virtual card is available to all our clients. They just have to activate it on our new banking app. They can then use their virtual cards to securely make payments and purchase products online. It can also be set as the default card for scan to pay transactions and loaded for payment onto apps such as Netflix, Takealot and Uber, safely and securely.”

Viviers says the need for safe and secure online transactions is now particularly top of mind for many clients as the COVID-19 pandemic made them more reliant on ordering and paying for products and services online. And with Black Friday and the festive season on its way, retailers are pulling out all the stops with advertising online deals.

“This environment calls for more online shopping, even among clients who have never tried it before. We are grateful that we can provide them with an easy and safe way to shop.”

Added to the virtual card’s security benefits, is the ability to stop it immediately. “If a client has any security concerns, they can stop the virtual card in an instant and apply for a new one on our app. The virtual card’s limit can also be set by the client on our app, and can quickly be changed depending on the client’s need,” Viviers says.

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.