Virtual cards are rapidly growing in popularity among South African consumers, driven by heightened demand for security, convenience, and rewards. According to the Visa and Discovery Bank SpendTrend25 South African Consumer Survey, 45% of respondents now use virtual cards, citing benefits such as reduced fraud risk and seamless digital transactions.
Why Virtual Cards Are on the Rise
VisaNet data reveals that digital wallet transactions experience six times fewer fraud incidents compared to physical cards, reinforcing their safety advantage. Additionally, virtual cards eliminate the wait for delivery, users can generate and activate them instantly via banking apps.
Consumer Insights from SpendTrend25
To deepen its findings, Visa and Discovery Bank commissioned an independent survey, exploring trends in cash vs. digital payments, subscription services, banking security concerns, and AI’s impact on financial behavior.
Hylton Kallner, Discovery Bank CEO, explains:
“Our latest report highlights key shifts in financial behavior, showing how much people spend, what they spend on, and their preferred payment methods. Over 80% of South Africans now prefer cards or digital payments over cash, and the same percentage engage more with credit card rewards than a year ago.”
He adds:
“While digital banking enhances security, three in five South Africans feel more concerned about banking safety than before. These insights help us design better, more secure financial solutions.”
Key Benefits of Virtual Cards
- Enhanced Security – Unique card numbers reduce exposure to fraud.
- Instant Issuance – No waiting for physical delivery.
- Full Card Benefits – Includes rewards, travel insurance, and purchase protection.
As cyber threats evolve, virtual cards offer a secure, flexible payment solution, positioning them as a top choice for South African consumers.
