Fintech startup, Eversend has officially launched virtual cards in its new update — denominated in US Dollars (USD$) and can be used for up to 3 years before expiring. The update comes after introducing the ‘Donation’ feature that allows its users to give relief inform of money to charity organizations.
Eversend allows to create more than one virtual card each comes with a unique 16-digit card number that’s created for your digital use. The minimum amount required to create a card is USD$5 (approximately UGX19,000).
The eversend virtual card allows its users to substitute using their physical credit/debit cards for online shopping, paying utility bills, paying social media Ads, among others. And for security purposes, they can be frozen temporarily making them inactive for use, and unfreeze to ultimately reactivate when indeed to use. They have their own transaction list to show card’s activity over time so its users can keep track of their spending.
To create an eversend virtual card(s), update the Eversend app to its newest version or download one if you don’t have one. Launch/open the app and head to the cards section and ‘Create New Card’ followed by entering amount of your choice to the card.
Similarly, telecom firm; MTN Uganda has the same virtual card dubbed, MTN MoMoCard. However, unlike the eversend virtual card that lasts for 3 years just like a normal physical card, the MoMoCard only lasts for 14 days (two weeks). Creating a new card will cost less than a dollar, to be exact 27 cents (UGX1,000).
To make this possible and workable, MTN Uganda partnered with United Bank of Africa (UBA) and MasterCard. Through the partnership, MTN MoMo (mobile money) customers use the virtual card to shop or make payments at the vast network of global outlets accepting MasterCard payments. While on the other hand, UBA facilitates the payment transactions online, both locally and internationally.
Virtual cards are gradually becoming popular because the world is embracing to the cashless economy. They are good for one time purchases and disbursements, but also can be used in your everyday life and can last for long just like the Eversend virtual card.
While technology keeps envouling, so will these virtual cards. Companies, innovators, among other will resort to using them because they give more or some of the biggest benefits compared to the physical cards. One of the biggest benefit is privacy and protection against fraud. With data breaches happening almost on a daily basis, using a virtual card can protect consumers from being a victim of an attack.