Despite the forex scarcity challenge that has seen some virtual dollar card providers suspend the service, a number of other providers have sustained the service while new ones are also coming up.
A virtual dollar card is a digital card denominated in US dollars that you can use on the internet. It’s super safe because it’s not a physical card.
You can put money on it and buy things online, just like you would with a regular credit or debit card. People often use it for buying stuff from other countries or to keep their online spending separate from their main bank account.
These service providers, through their apps, have rescued many Nigerians who would have been denied the ability to make international payments online as most traditional banks in Nigeria suspended the service on their naira debit cards last year.
These platforms are facilitating different kinds of international payments for Nigerians including paying for Facebook ads, buying on Amazon, Google, Spotify, etc.
While these virtual card providers also have their issues, especially when it comes to their exchange rates and the payment for the cards, there is no doubt they are helping many Nigerians cross the hurdle of international payments.
Surprisingly, checks by Nairametrics show that while there are currently many fintech apps in Nigeria marketing the issuance of virtual dollar cards as part of their services, some of them only have it as ‘coming soon’, and many potential customers would discover this after they might have downloaded the apps and even paid for the card.
That notwithstanding, there are a number of apps currently providing the virtual dollar card service in Nigeria, and here are the top 5 going by the number of their download on the Google Play Store as of August 2023:
- Bitnob (100,000 plus downloads)
Bitnob is a money transfer app that helps users send and receive money within African countries and globally.
Furthermore, users can easily buy, sell, and autosave bitcoin on the app, while it also facilitates remittance, and cross-border transactions with the ability to send and receive money across eight African countries including Nigeria, Ghana, Kenya, Rwanda, Senegal, Ivory Coast, Benin Republic, and Togo.
Specifically, Bitnob says its customers can make unlimited online payments using its virtual dollar card.
The app has been downloaded over 100,000 times on the Google Play Store as of August 2023.
- Payday (500,000 plus downloads)
Fintech startup, Payday, provides a means for Africans within and outside the continent to send and receive money.
The Payday app allows users to open a virtual USD, GBP, and EUR account, which provides them with a secure and convenient way to manage their money globally.
With this account, users can store, send, and receive money in multiple currencies and enjoy access to a wide range of financial services.
Payday said its virtual card feature allows users to make online payments without having to reveal their personal banking information.
Although the company recently had issues with its virtual card customers alleging fraud as it defunded accounts linked with Mastercard on its platform, it has been able to resolve the issue by crediting affected customers’ wallets.
The app has recorded over 500,000 downloads from the Google Play Store.
- ALAT by Wema (1 million plus downloads)
ALAT is a digital-only brand operated by Wema Bank, a commercial bank active in all of Nigeria. It offers a complete banking package, with a bank account, physical debit card, savings, and loans, and it currently offers one of the prominent virtual card services in Nigeria.
Users on ALAT can create a new account in less than five minutes, enabling them to access loans and an automated savings platform.
It also offers an array of cards facilitating local and international payments. Its dollar credit card and virtual dollar cards help its users make payments for subscriptions, including YouTube while paying for services on international websites.
The app had recorded over 1 million downloads as of August.
- Eversend (1 million plus downloads)
Eversend facilitates cross-border payments across Nigeria, Uganda, Ghana, South Africa, Kenya, Rwanda, the United Kingdom, and Europe.
The app’s multi-currency wallets and currency exchange offers the users money exchange rates between USD, EUR, ZAR, GBP, NGN, UGX, GHS, KES, and RWF. Pay your bills using online banking or move money to a mobile money or bank account.
Eversend’s virtual dollar card allows users to make international payments for services across several global platforms.
The app is one of the most downloaded in its services category with over 1 million downloads on the Google Play Store.
- Chipper Cash (5 million plus downloads)
Chipper Cash is a cross-border payments app, where over 4 million people send and receive money in and between Nigeria, Kenya, South Africa, the United States of America, Ghana, Uganda, Rwanda, and the UK.
Chipper Cash provides a reloadable virtual visa card that can be used anywhere online for payment.
Getting a virtual card first requires you to have a Chipper Cash account and the card works in the same way your local bank card works online.
The app is currently the most downloaded of all virtual card provider apps in Nigeria as of August with over 5 million downloads on Google Play Store.