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AgBank unveils virtual credit card
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Agricultural Bank of China, the third-biggest lender in the country, launched virtual credit cards to protect users from card frauds that happen more frequently amid flourishing e-commerce.
China is poised to become the biggest payment market in the world, backed by its enormous consumption market. The fierce market competition urged Chinese banks to improve user experience via product innovation.
Third-party payment companies such as Alibaba’s Alipay and Tencent’s WeChat payment led the first wave of mobile payment innovation in the country. However their plans to launch the virtual credit card business were halted by the central bank due to lack of risk control plans.
The Chinese Internet mammoths have grown a sticky customer base, which is mainly made of depositors at the Chinese banks. The customers do shopping, make investment, pay bills and plan out holidays on these platforms, while each and every activity is connected with making payments via their bank cards.
The new virtual credit card launched by the Agricultural Bank has a card number, a CVV number (Card Verification Value), and an expiry date just like a physical card, but the information is delivered to the holder via a text message.
The virtual card shares a credit limit with the holder’s existing physical card, just like a supplementary card. It normally has a relevantly low credit limit around few thousand yuan to prevent unauthorized payment in large sums.
The CVV number is automatically renewed every three months to protect the user from potential leaks of information. If a card fraud occurs, the bank can cancel the card over the phone request and issue a new virtual card instantly.
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