The VCC, which incorporates Dynamic Card Number (DCN) technology, allows users to generate unique temporary card numbers for single-use or recurring subscription-based payments. This feature aims to improve security by minimising the risk of fraud, identity theft, and financial scams while reducing the credit card footprint in online transactions.
The VCC offers customisable settings that allow cardholders to adjust expiration dates, set transaction limits, and personalise card appearances. With Near Field Communication (NFC) compatibility, the VCC can be added to Samsung Wallet and Google Wallet, enabling secure, contactless payments using mobile or wearable devices.
Alliance Bank is prioritising this feature for Android device users, with plans to expand integration to Apple Pay in the future. This development aligns with the growing preference for contactless payments among Malaysian consumers. Officials from Alliance Bank noted the rising adoption of NFC-enabled devices such as smartphones and smartwatches as payment tools in Malaysia.
The integration of NFC technology extends the VCC’s functionality beyond online purchases to include in-store transactions, addressing the evolving shopping habits of consumers. According to thestar.com, over the past 18 months, Alliance Bank has seen substantial growth in its VCC user base, reflecting increased demand for digital payment solutions.
The bank aims to achieve 10,000 users provisioning Samsung Pay or Google Pay on their devices by March 2025. It also highlights the card's compatibility for global transactions, security features, and eco-friendly digital design as key elements contributing to its appeal.
In addition to convenience, Alliance Bank views the transition away from physical cards as part of its sustainability strategy. The fully digital VCC eliminates the need for plastic cards, aligning with the bank’s commitment to environmentally friendly practices.
By leveraging advanced security measures, such as single-use DCNs and customisable spending limits, with seamless usability across online and offline channels, the Visa Virtual Credit Card offers a payment solution designed for tech-savvy consumers and businesses alike. The bank’s focus on delivering user-centric design aims to appeal to working professionals and Generation Y users, further strengthening its position in the competitive financial services landscape.
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