Capitec launches virtual debit card

Capitec has rolled out its new virtual banking card, which is available within its mobile banking app.

Capitec’s virtual card is a digital bank card that is saved on a client’s Capitec banking app. It can be used as a normal physical card for online shipping, with the added advantage that nobody can steal or duplicate it.

Capitec said its virtual card is available to all of its clients and can be used 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.

How the virtual card works

Capitec’s virtual card is free to download and to use, and there are no virtual card fees.

It comprises a new virtual debit card with its own number and CVV. Clients can manage the virtual card and its limits on the Capitec app.

Capitec said clients should follow the steps below to activate their virtual card:

  1. Sign in to the Capitec Bank app.
  2. Tap Cards in the bottom tab bar.
  3. Choose Virtual Card in the top-right corner.
  4. Tap Add Virtual Card button, then follow the sign-up steps to complete.

After creating a virtual card, clients can view the relevant details within the Capitec app, allowing them to make online payments using the virtual debit card.

Clients should remember to set their online shopping limit to ensure the transaction goes through, Capitec said.

Security features

Capitec also highlighted the following security features of its new virtual card functionality:

  • 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 travelling, globally and abroad, clients don’t have the risk of the card being lost or stolen.
  • “We certainly expect the use of virtual cards to grow because of the safety and convenience they offer, but also because they bring about a new experience of comfortable and secure online payments to those who were reluctant to do digital transactions in the past,” Viviers concludes.

Capitec Executive of Marketing and Communications Francois Viviers said the need for secure online transactions is particularly important with Black Friday and the festive season on its way.

“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.”

“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,” Viviers said.

“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.”

Now read: Nedbank credit card users hit by “sneaky charges”

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Capitec launches virtual debit card