Standard Bank has announced that consumers continue to embrace its virtual card feature nine months following its launch.
The Standard Bank virtual card is accessible through the bank’s mobile app, where it can be created and topped up with cash on an ongoing basis.
This virtual card can be used for a variety of digital transactions, including smart parking payments, travel payments, and online shopping.
According to Standard Bank, virtual card payments have increased by over 300% over the past nine months – although this service admittedly began at a very low base.
“The adoption of virtual card technology is playing its part in changing the thinking about online shopping,” said Standard Bank’s Head of Consumer Solutions and Digital Cards, Gwenael Trotel.
“Convenience and safety considerations are re-shaping the way consumers choose to transact, and Standard Bank is excited about the role it is playing in the digital and experience economies.”
Standard Bank added that it expects online retail spending – which currently accounts for under 2% of total retail spend – to increase in the coming years, and it believes that its virtual card technology has the opportunity to see exponential growth as a result.
“Increased adoption of virtual cards is really driven by a few key factors,” said Trotel.
“For those ultra-security conscious consumers, it adds an extra layer of security in that funds can be loaded for the exact amount required to purchase. Cards can also be created and deleted at any time.”
“Virtual cards have extended the control the user has over not only payments but also the card itself,” said Trotel.