Telenor Microfinance Bank launches Virtual Debit Card

KARACHI: Telenor Microfinance Bank (formerly Tameer Microfinance Bank), through its mobile banking platform, 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.

Claiming it to be a continuation of its innovation spree the authorities said the virtual debit card was aimed towards facilitating digital payments and e-commerce in the countryEasypaisa.

With the latest introduction 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.

Sharing further details of the facility, it was said that as soon 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 was said to be 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.