Virtual payment cards utilise encryption to secure your information during online transactions, safeguarding your funds. Learn how to get virtual Mastercard debit cards in Kenya.
Debit cards heralded a new era of payment convenience when they were first introduced. But just as consumers started embracing the possibility of a fully cashless economy , criminals found ways to breach the relative security of these 'swipe' cards through phishing and card duplication scams.
Recognizing the need for a safer and more convenient online payment method, payment security experts introduced virtual debit cards. These cards have proven to be highly successful, earning trust from both consumers and merchants.
Mastercard is one of the global payment networks that issue virtual cards. This article will provide information on where to obtain a virtual Mastercard debit card in Kenya and answer other related questions.
What is a virtual card?
A virtual card is a digital payment card. It works the same way as a regular credit or debit card but can only be used online since it does
not exist physically.
Virtual cards are digital replicas of the payment cards typically used for in-person purchases and ATM withdrawals. . They are exclusively accessible and usable through computers and other connected communication devices, limiting their usage to online purchases of goods and services.
Note that virtual cards can now be used offline in other markets.
Virtual cards are issued by global network payment processing networks like Visa, Mastercard, Discover, and American Express in association with banks and deposit-taking fintechs like Intasend.
How does a Mastercard virtual card work?
A virtual card works the same way as a regular physical payment card, with the same features, i.e.
- 16-digit card number,
- Card expiry date,
- CVC number (also known as a CVV number)
- Cardholder's name.
The main difference between your virtual Mastercard card and the physical one is that you cannot physically possess it. . A virtual card exists only in digital format.
A virtual debit card resides in your digital wallet or internet banking account rather than in your physical wallet. To use your virtual Mastercard debit card, you must enter its details when you check out at the online store where you are making a payment.
The online merchant's payment gateway will then communicate with the bank that issued the virtual card to verify the information you entered and seek payment authorisation.
This process happens at the till counter with a physical Mastercard debit card. Instead of entering the card details, the till operator swipes or inserts the card into the Point Of Sale (POS) machine, which performs the same functions as the payment gateway on an online checkout page.
Who issues Mastercard virtual cards?
Mastercard does not issue virtual or physical cards directly to the public. If you want a virtual card, you must obtain one through your bank or fintech.
That is why all Mastercard debit and credit cards are co-branded, carrying the branding of both Mastercard and the issuing financial institution. Mastercard provides the technology that powers card transactions while its banking partners issue the cards.
In Kenya, Mastercard and Visa are the most prominent card networks. The card networks work in partnership with local banks, processing their international payments and providing the technology that powers their virtual cards.
Therefore, to obtain a Mastercard virtual card, you must have an existing account with a bank or other deposit-taking entity that partners with Mastercard. You apply for the virtual card through your bank account, which then funds your virtual card.
Where is the Mastercard virtual card accepted?
The virtual Mastercard is accepted in most places that accept payment cards. . That includes major online shopping platforms like Amazon, streaming services like Netflix and Amazon Prime Video, apps, and most other online merchants.
Therefore, Mastercard virtual cards can be used locally and internationally. Most online stores prominently display the payment methods they accept, often featuring logos on their checkout pages
Mastercard rivals the top payment methods globally in terms of recognition and acceptance, enjoying significant brand recognition and widespread usage. The company's virtual cards are trusted for their data protection, fraud prevention features, and low fees.
How do I create a virtual Mastercard debit card?
You can request a virtual Mastercard debit card through your bank, and there are also non-traditional banking institutions that offer them. An example is Intasend, a fintech company that offers business payments and collections solutions.
With Intasend, creating a virtual Mastercard debit card takes a few minutes for existing account holders. Here are the steps to follow for new customers:
1. Sign up for an Intasend business account.
You can sign up for an Intasend business account here.
Once we review your information and complete the legally required Know Your Customer (KYC) processes, we will confirm your business account. Our account opening process has been streamlined, eliminating unnecessary steps and lengthy forms to save you time. Typically, your documents are verified on the same day.
2. Create your virtual Mastercard debit card.
Your Intasend business account provides you with a virtual or e-wallet to manage your funds. From this e-wallet, you can create your virtual cards.
All you have to do is click the right tabs and make your selections, and the system will do the rest. With Intasend, you have the flexibility to choose between a Visa or Mastercard virtual card, whereas most banks typically offer only one option.
3. Make payments with your Mastercard virtual card.
The customer payments you collect with Intasend settle into your business account's e-wallet. Intasend provides tools for collecting card payments on your e-commerce website or app as well as managing automatic and subscription fees.
Your virtual card is drawn from the same e-wallet you use to pay for goods and services online.
What bank in Kenya immediately gives you a digital card?
Most banks that issue virtual cards allow customers to create them instantly in their digital bank account or mobile apps. You can use your virtual card immediately if the linked accounts have a sufficient balance.
Intasend, a fintech specialising in business payment solutions, is among the few institutions in the Kenyan market offering Visa and Mastercard virtual debit cards that are immediately usable. Creating a virtual card with Intasend is a quick process, taking only a few minutes.
Benefits of virtual debit cards
While you cannot use them to pay in physical stores, virtual cards offer compelling benefits over physical cards. Secured by encryption, they are much safer to use online since your payment details are not visible to merchants when you pay.
Since they have no physical form, virtual cards save you the inconvenience of carrying a physical wallet. Unlike physical cards, which can be misplaced or stolen, virtual cards cannot be lost.
However, it's crucial to secure your virtual cards because all someone needs to use them are the card details. If possible, memorise the card details so you don't have to look them up every time you make an online payment.
Another excellent feature of virtual cards is that you can easily cancel them if you notice that your card details have fallen into the wrong hands.
As a business, virtual cards serve as an excellent tool for managing your digital payments, enabling you to maintain control over your expenditures. By allocating your virtual cards to specific payments, you can confidently delegate them to employees, knowing that you can conveniently monitor and regulate their usage.
Intasend offers the best tools for making business payments as well as collecting customer payments in the Kenyan market. With our business account, you enjoy faster, safer, and highly convenient avenues to collect payments online, disburse funds, and to pay both workers and suppliers.
Through your Intasend business account, you can seamlessly receive all your collections into a digital wallet and swiftly generate virtual Mastercard debit cards for your team within minutes. .
Sign up here to get started with Intasend and easily request Mastercard virtual debit cards. These cards can be used to safely and conveniently pay online for the goods and services you use in your business.
