The Agricultural Bank of China has rolled out virtual credit cards in order to protect its customers from scams.
Similar to a physical card, the new virtual credit card has a card number, a CVV number (Card Verification Value), and an expiry date. The only difference is that the data is sent to the cardholder by text message.
Go deeper with GlobalData
The credit limit of the virtual card is the same as the cardholder’s existing physical card. The virtual card normally has a relevantly low credit limit around few thousand yuan to prevent unauthorized payment in large sums.
The CVV number is automatically renewed every three months to protect the user from potential leaks of information. In the event of card fraud, the bank can cancel the card over the phone request and issue a new virtual card instantly.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
