Brazilian lender Caixa Economica Federal (CEF) has partnered with Visa to launch a virtual debit card for online purchases.
The card will be available through the CAIXA app and is said to assist in financial inclusion for online shoppers.
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Consumers need not use their physical card data to transact online.
The card contains 16 digits, expiration date and dynamic security code.
For each transaction, the card generates a new security code (CVV) for additional security.
The card comes without annual or maintenance fees and can be used at online stores across the country.
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By GlobalDataVisa Brazil VP of business development Eduardo Barreto said: “We strongly believe in the strength of a virtual debit solution, in addition to being an entry channel for many people in the financial and digital world, the functionality should facilitate the consumer’s journey.
“In addition, the solution can help increase the volume and the conversion of sales to commercial establishments, everyone wins.”
CEF said that the card is also available for emergency aid purchases of up to BRL600 ($116.62) on more than 1,000 websites and apps.
It can be used to pay water and electricity bills as well.
Caixa customers with checking, savings, or a Caixa Facil account can generate the virtual debit card for free on CAIXA Tem app.
