Telenor Microfinance Bank launches Pakistan’s first MasterCard-branded Virtual Debit Card
In yet another instance of innovation aimed towards facilitating digital payments and e-commerce in the country, Telenor Microfinance Bank (formerly Tameer Microfinance Bank) through its mobile banking platform, Easypaisa, has launched the country’s first MasterCard-branded Virtual Debit Card to facilitate online shopping on local and international e-commerce shopping websites – using Easypaisa Mobile Accounts.
Now, any Easypaisa Mobile Account customer using the Easypaisa smartphone App can instantly generate a Virtual Debit Card on their smartphone and then use this card for online payments – wherever MasterCard is accepted. The Virtual Debit Card generated would include all relevant card details to process an online transaction, such as the 16 digit PAN number, expiry date and the CVV. When a purchase is made on any online website, funds in PKR would be deducted from the customer’s Easypaisa Mobile Account in real time. Anyone in Pakistan can get this card instantly regardless of their SIM operator – all they have to do is download the Easypaisa App from the Google App store, create an Easypaisa Mobile Account, deposit or IBFT funds to that Easypaisa Mobile Account, create a Virtual Debit Card and then use this card online.
Telenor Microfinance Bank’s Easypaisa Virtual Debit Card is the most secure debit card in the country, because of the controls and flexibility it gives to the customer at the time of card generation. Customers can define a maximum spending limit to allocate to their Virtual Debit Card, the number of times a card can be used online, the ability to activate or deactivate a card, and to delete and re-generate a new Virtual Debit Card at any time. No fee will be charged to generate or use a card or any of the controls while the currency conversation rate on international transactions would be the lowest than any other credit or debit card issued by any Bank in the country.
“This is a huge step forward in pursuit of our mission of innovating financial services for the convenience and security of our customers,” said Ali Riaz Chaudhry, President & CEO, Telenor Microfinance Bank. “With e-commerce growing exponentially, we are delighted to introduce Easypaisa virtual debit card, the most secure debit card in the country for online transactions. We, at Telenor Microfinance Bank, are humbled to continue to lead the transformation of financial and digital landscape of the country.”
The Easypaisa Virtual Debit Cards would boost customer trust and strengthen the country’s digital payments landscape. In addition to e-commerce portals like AliExpress, Amazon or Ebay, the Easypaisa Virtual Debit Card can be used to make payments anywhere online where MasterCard is accepted. For instance, the product would be a huge help for: students looking to pay their TOEFL, SAT or GRE fee, or applying to a university abroad; small and medium businesses in purchasing licensed online software and paying international certification fees; and tourists paying for visa application fees and making logistical payments such as hotels, flights and transportation etc.