Standard Bank has introduced a virtual card ecosystem in South Africa, which is said to be the first of its kind in the country.
The ecosystem is reported to have completed a comprehensive trial phase and is set to be available through the bank’s mobile app. The virtual card can be created as well as reloaded in the app.
The card will either be available under the Standard Bank brand or as a co-branded product with any one of the bank’s e-commerce partners, including Takealot, Zando and Travelstart.
Standard Bank head of emerging payments Wendy Pienaar said: “At the moment, very few South Africans shop online and those that do, tend to use a credit card or only pay cash-on-delivery. Trust, security and control are some of the reasons for this trend.
“However, a safe, secure virtual card completely changes the conversation. It allows customers to shop online irrespective of the type of card or account they have.”
The card will initially be available for domestic use, with plans to extend its reach to international markets later.
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Standard Bank also formed a new partnership to provide Samsung Pay service for its customers in South Africa.
Users of Samsung smartphone will be able to avail the service to pay for their purchases at merchants accepting MasterCard or Visa tap-to-pay.