Introducing the virtual card solution at a media launch in Lagos this week, representative of SIBS International, Portugal, Mr. Manuel Mendonca said the Virtual Proxy Cards is already widely used in other parts of the world. “This service is called ‘Virtual Proxy Card’ and it is designed to protect credit and debit cards users while conducting Card Not Present (CPN) online payment transactions on e-commerce sites globally.”
Director at PrepayGo Technologies, Mr. Adeyinka Adeyemi said the Virtual Proxy Card is secure because it avoids real card data exposure in the internet, and the payment process is easily and quickly done and it is universal, which allows payments with debit or credit card in any merchant, domestic or international that accepts MasterCard, Visa Card.
“The Virtual Proxy Card service is available for all real cards that work with all International Payment System (Mastercard, Visa). Subscription of the Virtual Proxy Card can be done on ATM, internet banking or other banking channels,” Adeyemi said.
According to him, account holders who do not have credit or debit cards can also subscribe to the Virtual Proxy Card service to make online purchase on the internet.
With the virtual card consumers can now operate a proxy card tied to their credit or debit card for specific online transactions each time they want to conduct an online payment transaction on any Visa, MasterCard or America Express card worldwide.
The virtual card also adds another layer of protection from online fraud which is the key value proposition for adoption and usage of cards.
Explaining how the solution works, one of the Directors at PrepayGo Technologies, Mr. Peter Iwegbu said the solution acts as a protection to the physical credit card, such that each time the customer wants to make any transaction, he generates virtual card, which will be automatically issued online by the bank and the customer will indicate the specific amount he needed for the transaction.
According to him, as soon as the transaction is done, the virtual card becomes invalid for subsequent use, because it is a single use card with 30 days validity. “What this means is that the details of the card are always protected within the bank and only the virtual card is released for every transaction such that should hackers get the details of the virtual card, they can never transact business with it, since the card can only be used only once, before rendered invalid“, he said
Adeyemi confirmed that banks are already interested in the solution, since it would not only protect customer’ finances, but would also protect the bank from any form of online hacking.