Virtual Cards – P&MM
What is a Virtual Card?
A Virtual Card is a digital or online version of a traditional plastic prepaid card. They function in the same way as normal cards, in that they have a PAN (the long card-number on the front of the card), Expiry Date and CVV (3-digit security code).
Key Features & Advantages of Virtual Cards:
- All characteristics of a normal general spend pre-paid card.
- Reduced costs: no more printed collateral to be designed and printed.
- Reduced mailing costs: no more (international) postage.
- Reduced effort: No lengthy card activation process
- Reduced effort: the employers’ portal allows bulk-uploads, and gives the employer full flexibility and control over the products they issue.
- Consumer benefits: no longer having to wait for the post to arrive and wait for card activation. Start using your funds the moment you get it.
- Green credentials: No plastic wastage, no printing, no paper wastage, no postage/airline CO2 footprint: completely suitable for paperless offices and organisations with a strong CSR policy.
- Self-service for cardholder via my-account.
Virtual cards are true chameleons, and can be used for a raft of purposes where speed and convenience are important:
- Corporate rewards & incentives,
- Gift Cards
- Disbursement of cash-back, benefits, insurance claims, etc.
- Online Refunds.
Time to Market: 3 months – though every prepaid programme is different.