Virtual card for online shopping payments are on the up, says Standard Bank
Consumers are embracing the technology offered by virtual cards, as Standard Bank starts to see the benefits of online shopping ecosystem, nine months after the launch its virtual card proposition. In the past nine months, virtual card payments have increased by more than 300%, though they started off at a very low base. A virtual card allows consumers to shop online and access their favourite Apps. It further allows them to make payments without using a debit or credit card. Gwenael Trotel, Standard Bank’s Head of Consumer Solutions and Digital Cards says: “The adoption of virtual card technology is playing its part in changing the thinking about online shopping. Convenience and safety considerations are re-shaping the way consumers choose to transact, and Standard Bank is excited about the role it is playing in the digital and experience economies”. Online retail spending currently accounts for less than 2% of retail spend in South Africa. As this number is expected t...