The team at SadaPay, a Pakistani online payments Fintech, notes that one of the things they felt was “lacking” in the nation’s financial landscape was a “fantastic” virtual debit card.
As mentioned in a blog post by SadaPay, there are some virtual cards currently available, however, the Fintech firm claims that they checked them out and didn’t think they “captured the simplicity and ease that a virtual card should be synonymous with.”
The SadaPay team also mentioned that they “set out to launch what we hope will become the coolest virtual debit card in Pakistan.”
While explaining what a virtual debit card actually is, they noted that the it’s a digital version of a physical debit card.
The key differences between the two are as follows:
- A virtual debit card “comes with a separate card number, expiry date and CVV”
- A virtual debit card is “only available digitally on your phone”
As noted in a blog post by SadaPay, the only things you “won’t be able to do with your virtual debit card is withdraw money and use POS machines.” The Fintech firm added that for those of you who are “more inclined towards online shopping,” virtual debit cards are “a great choice over physical ones, primarily for how easy and safe they are to use.”
Addressing a question about what the benefits might be of using a virtual debit card, the SadaPay team explained:
“With our products and features, we always set out to make sure that everything aligns with our values. In the case of virtual debit cards, we felt that their simplicity and ease of use would help make our user’s financial lives more effortless and enjoyable.”
“We want to save our user’s time, make payments more ‘sada’ and protect our user’s funds.”
Virtual debit cards help with achieving these goals in different ways, including:
- They’re “available for immediate use as soon as you open your full account, meaning you don’t need to wait for your physical card to make transactions.” This “makes your payments experience quicker and more convenient.”
- Since your virtual card details are within the app, “you minimize the risk of someone getting access to your card details making them extremely secure”
- You “can’t lose a virtual card, unlike with a physical card increasing the safety factor attached to it.”
If you still think that your personal details might have been compromised, you can “always request to freeze your card with our in-app chat (which we’ll do in a matter of minutes).” Not to mention that “if you lose your physical card or are facing any issues with it, your virtual card will continue to work normally,” the company’s blog post noted. Going on to comment on how you may use the SadaPay virtual debit card, the company said that “accessing the SadaPay virtual debit card is easy.”
You’ll be able to “access your SadaPay virtual debit card as soon as you’ve been onboarded for your full account,” the Fintech firm wrote in its blog post. (Note: to learn more about how to access your SadaPay virtual debit card, check here.)
The Fintech firm also mentioned that they’ve “made sure to keep our foreign exchange rate the same with both our cards (1.5% – the lowest Forex rate in Pakistan).”
“We wanted to also include the option to copy the account number within the app, since this card is primarily used for online payments and we thought it would be easier than having to manually fill out your card number. Your virtual and physical debit cards are linked to the same funds in your account, so make sure you have money in your app before using your cards.
The Fintech company also confirmed:
“SadaPay is currently in its pilot phase and will start rolling out to the public once we’ve received our regulatory approval for commercial launch.”
You may register for early access via their waitlist at www.sadapay.pk/waitlist.