Popular digital bank Starling Bank has announced new virtual cards along with features that can be incorporated into the tech.
Starling Bank said that virtual cards are now available for Personal Current Account customers and updated its Spending Insights. The features add to the bank’s money management tools, designed to help people track their spending and provide greater visibility of their budgets.
Virtual cards have risen in popularity due to mobile phones offering digital wallets and apps that enable payments. This, as well as COVID and social distancing, has helped to fuel utilization. Many consumers have already migrated over to digital payments so Starling offering a virtual card service simply makes sense.
Each virtual card is assigned to a dedicated Space in the Starling app that can be personalized to give customers more control over their budget.
By setting up a ‘Subscriptions’ Space and virtual card, users will be able to see all ongoing payments making it easier to review or cancel.
Helen Bierton, Chief Banking Officer at Starling Bank, stated:
“Our customers asked for virtual cards and we’ve delivered. Virtual cards allow people to completely compartmentalise their personal finances for better control of their spending, making it easier to stick to budgets. We’re constantly thinking of how we can help our customers manage their money better. We’ve been busy building these new features, as well as our new Budget Planner, to help us continue this mission.”