The Evolution Of Virtual Cards In Emerging Markets
The global arena’s focus for financial trading has always been on those with top-end earning potential. While a lucrative market to date, no doubt, new technologies are taking the goal posts out of play altogether, and barriers to entry for online transactions should now consider all earners a viable market. Thanks to innovative thinking, the share of the market previously deemed a lost segment as far as online transactions were concerned, is now anything but.
Open for business
“People used to wait all week to bank on Saturday mornings where carbon-copy slips were completed, stamped and filed for action in the coming days,” says Brian Richardson, co-founder and CEO of WIZZIT International.
“Then banking went online, and action went from happening across weeks to happening in days. Now we have systems for supporting platforms that enhance the way we bank via the use of apps on phones, touch-to-pay smart technologies, cash-send, talking to your banker through IM on platforms like WhatsApp and Facebook. But before we got to streams like these, it took insight to look at the way things were being done and ask whether we could take banking out of the bank?”
Pies and skies
Cue the long-awaited virtual credit card to a market ready to shop. The time-sensitive, virtual card is pre-loaded with funds specified by the account owner – and for the transaction. The funds are available to effect online transactions, complete with the necessary platforms which function as the turnkey – namely numerical fields, expiry date and CVV numbering.
This means while countries and the mandates of how monies are managed are only a part of the equation insofar as the funds (in that currency) are legitimately available.
“It is the continued evolution of innovation that marks the sweet spot for us now,” says Richardson.
Any person who has the required funds to purchase can then allocate the same as available in their virtual card, which is then issued with a 16-digit card number, expiry date and CVV number. The card is used to effect the purchase as desired within the time-lock window before the virtual card’s details are deleted indefinitely, safeguarding against any suspicious or unauthorised transactions and removing all the data – personal and financial – once the time-lock expires.
The card is not permanent. This virtual solution is created solely for the purpose of the transaction, and is approved by your authorisation to the bank for funds you wish to make available.
To untap, or not to untap
The drive behind innovation in this sector will open doors of opportunity for both the individual from these markets – as well as the businesses looking to reach the untapped sector.
With 11 years’ experience in 13 countries across three continents, WIZZIT’s capacity to innovate ahead of the curve is a well-proven track record.
This is the gap WIZZIT has worked hard to take, and now delivers with developments in place to change the way mass populous from emerging markets transact in a world that excluded their buying power. WIZZIT presents a new offering that ticks all the boxes for the various national legislations, while transcending boundaries that have long since put hurdles between the happiness to buy, and following through on that transaction.