The move towards virtual cards in South Africa is an essential one for the digital transformation journey of businesses according to Lauren Deva, Pillar Head for Commercial Transactional Pillar at FNB Commercial.
“A key security feature on the virtual card is the dynamic Card Verification Value (CVV) security number that changes every hour to help minimise the risk of fraud. Our business clients have the flexibility to create multiple Virtual Cards and the expiry period is longer than that of a physical card,” Deva said.
“Furthermore, the virtual card can be uploaded and used on various online subscription platforms such as Microsoft.”
Deva unpacks eight key benefits of virtual cards for businesses:
- Businesses can easily make business-to-business payments.
- The virtual card removes the need for individual corporate cards as it can be used by multiple people and the CVV constantly updates.
- Reduces the risk of online fraud as the verification data is always different.
- Since the virtual card is saved within your banking app, it’s impossible for it to be lost.
- A convenient payment method for business travel or expenses.
- Businesses can track and approve spending.
- You can limit purchasing so that no employee spends more than necessary.
- Virtual cards can be frozen or cancelled at any time from the banking app, and you can activate a new virtual card within the app at the touch of a button.
- Businesses can load their virtual cards on trusted websites or apps for convenient purchases
“As technology evolves in different aspects of your business, your banking too should evolve so that your business can reap the benefits of increased convenience, reduced costs and efficient banking. The virtual bank card is just one more layer in that constant evolution,” Deva said.
BUSINESS REPORT