Standard Bank has reported that the bank’s virtual card payments have increased by 300 percent in the last nine months. According to the bank, its customers have embraced its newest offering which can be used for various digital transactions such as smart parking payments, travel payments and online shopping.
Gwenael Trotel, head of consumer solutions and digital cards at Standard Bank told the media, “The adoption of virtual card technology is playing its part in changing the thinking about online shopping. 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.”
The bank also expects its online retail spending which currently accounts for less than 2 percent of total retail spend to increase in the coming years.
The surge in Standard Bank’s virtual card payments can be attributed to the fact that virtual cards can be created or deleted according to the customer’s convenience. It allows customers to shop online irrespective of the type of card or account they have.
According to the Standard Bank, many of its customers especially from Europe do not prefer making digital payments from their primary bank accounts. A virtual card offers a solution for such customers. Now, a customer can create a virtual card to make a payment for the specific purchase and dispose of afterward. Standard Bank also provides an added layer of security. The virtual card can be accessed through the bank’s mobile banking app.