Increasingly, the way we pay for goods and services has gone digital, causing an explosion in virtual payment solutions (VPS) to keep pace with demand. Unfortunately, there’s also been an explosion of cybercriminals endlessly inventing new scams to defeat the security embodied in each VPS.

Our mobile devices are meant to make banking on the go smarter, safer and more convenient.

To accomplish this, VPS developers need to create security features that are as inventive as the fraudsters, and any new technology to make your digital payments safer is always welcome.

Take debit or credit cards, for example. It’s so convenient to enter your card details on a merchant’s online store to make instant payments for goods or services.

End-to-end encryption between your bank and the merchant’s payment gateway means you can be confident that each transaction is secure. But what if your card details are then stored on that third party’s database, and it later falls prey to hacking? Your card information could end up in the hands of criminals.

Happily, you can reduce that possibility significantly by creating virtual cards.

What are virtual cards?

A virtual card is a unique digital card, linked to your existing debit or credit accounts. It draws funds directly from your linked account, so you don’t have the hassle of having to top up the balance.

Virtual cards offer several security enhancements. For example, each virtual card has its own unique number, so you never need to enter the details of your physical card to make a payment.

The retailer can access and store the virtual card information only, which protects your linked account in the event of fraudulent activity.

You can also set limits on a virtual card. If you decide to use it for one transaction only, it expires after that transaction is complete. Or you can decide that the virtual card will be valid for a limited period only, or up to a certain payment limit.

Set up Nedbank virtual cards free on the Money app

As part of our ongoing efforts to offer our clients the best in convenience and security, we have launched a new virtual card feature on the Nedbank Money app.

Free of charge, you can set up as many as 5 different virtual cards for each physical card and link them to your Nedbank debit or credit card accounts. You can then use your virtual cards to make online purchases for Netflix, Uber, Takealot and much more.

You can store and manage your virtual cards on the Money app so you always remain in control. You can create a virtual card at any time, and block or remove it whenever you need to. This means that the control sits with you, the user. You don’t have to visit a branch for bank approvals to use virtual cards.

To budget better, you can set your spending limit for each card. This can be an overall spend limit or one that refreshes every cycle – whether it be daily, weekly or monthly. If you exceed your limit and have an emergency, you can set a new limit on the Money app.

Like our tap-on-phone feature, the Nedbank virtual card is another VPS that can make digital payments simpler, faster and more secure.

To create your own Nedbank virtual cards, open the Money app, select Cards at the bottom of the screen, then tap on Virtual cards and follow the prompts.

Add your virtual card to your virtual wallet 

Adding an additional layer of convenience to in-store payments, virtual cards offer a practical solution for those moments when you’ve forgotten your physical card at home. Not only do they provide the flexibility to shop without carrying a physical card, but they also offer enhanced security features. By integrating your virtual card into your virtual wallet, such as Google Pay, Apple Pay or Samsung Pay, you can add an extra level of safety to your transactions. 

The process of adding a virtual card to your digital wallet is straightforward and the same as adding a traditional card – simply enter the card details and you're ready to shop. Plus, with the seamless integration of your virtual card into your digital wallet, you can enjoy the added perks and benefits that come with it, including earning Greenbacks and tracking transactions. Whether you’re buying online or in-store, your virtual card provides peace of mind and convenience wherever you go.