Nedbank cardholders now have the option of creating virtual cards on the Nedbank Money app, giving them another safe and convenient way to make online payments without having to use the details of their physical bank card.
Nedbank clients can create up to five virtual cards for each physical Nedbank card they have, at no additional cost. These virtual cards use the same funds available in the underlying card account, so clients will not have to transfer money between the linked account and the virtual card. All purchases made with a virtual card are validated against the predefined limit, ensuring that clients remain within their budget and never overspend.
Maude Korte, Head of Commercialisation for Nedbank Retail and Business Banking Digital, says that Nedbank’s virtual card works exactly like a physical Nedbank card, but exists digitally on the Money app. ‘Each virtual card will have its own unique card number, expiry date and security number, making online transactions simple and very secure without clients having to use their physical Nedbank card details,’ Korte says.
‘You can block and delete a Nedbank virtual card immediately after you’ve made a purchase with it without impacting the linked account or your available funds,’ Korte explains. ‘Clients can set a spend limit for each virtual card or specify that it can only be used for a single purchase, which means there’s no chance of anyone using your virtual card details for fraudulent purchases.’
Nedbank’s virtual cards can be customised quickly and securely on the Money app. The functionality allows clients to personalise each virtual card by giving it a unique name that can be changed at any time.
The enhanced security features of Nedbank’s virtual cards also includes the ability to specify expiry dates, with the shortest expiry date one can set being the end of the month in which the card is created. Clients can load their virtual card details onto their favourite apps like Uber, Netflix, Spotify, Takealot and others, without having to enter their physical card details. One of the most valuable features of a Nedbank virtual card is that clients will not be cut off from their funds if the linked physical card is misplaced or stolen. Blocking or freezing a physical card will not impact the linked virtual card linked, which means clients can still access their funds while waiting for a replacement physical card.
Creating a Nedbank virtual card is very easy. Simply log in to the Money app, click on Cards at the bottom of the screen and select Virtual cards. Select the physical card you want to link to a new virtual card and follow the prompts. You can personalise the virtual card by giving it a unique name, defining its expiry date and setting a spend limit.
‘While physical credit and debit cards offer great convenience and are certainly more secure than carrying cash, a Nedbank virtual card takes this ease and security a big step further,’ Korte says. ‘The flexibility, ease of use and security features of these innovative digital payment options allow Nedbank to add even more value and convenience to the banking experience of all our clients.’