Feature Spotlight: Virtual Cards and Payments

Feature Spotlight: Virtual Cards and Payments

We recently launched a Living Roadmap on our Backstage Community Forum. In this article, we’ll take a closer look at payment cards we’re working on for Debut.

Rethink your payment cards

In this spotlight, we take look at Virtual Cards inside of Debut.

You’ll likely have used your bank card to pay for things online, like something flash from ASOS, your Disney+ subscription or cloud storage for all those photos of your cat. All of these things, from online shopping to dinner with friends are often on the same card, so when it expires, or you lose it – or worse – it means you can no longer pay for things until you get a new card.

Different cards for different things

Instantly generate a new virtual card whenever you need it for online and real-world contactless payments. Generate a card for your family’s growing number of streaming services or create a new one purely to make a one-off purchase for that cool thing you saw on Instagram.

Staying safe in cyberspace :space_invader: Pew pew!

If you use one card for everything, it only takes one dodgy website leak to expose your card details to the internet. Set up virtual cards with spending notifications, spending limits and auto-delete. You can also pause or delete a card at any time.

You’re in control :lock:

With just a tap, you can restrict a card from being used overseas, online or in stores. Set up safety limits to prevent large transactions and approval notifications so you can make sure there’s no funny business.

Make informed decisions with smart insights :bulb:

Understand where your money is going and spot trends to stay on top of your spending. See all your transactions for a card.

Online and offline ready :convenience_store:

Use your virtual cards for anything online by securely accessing your card details from the app or by using Apple Pay or Google Pay. Use your card in shops using contactless payments.

Real-world cards get an upgrade too :credit_card:

As you might expect, your real-world Debut card lets you pay for things like a normal debit card, and it’s ready for contactless payments out of the box. Many of the smart features also apply to your real-world card, like being able to see all of your transactions in one place, notifications and the ability to set controls, pause or deactivate your card.

More on the way :eyes:

There’s heaps more news and information still to come. What would you like to hear about next? Get in touch in the comments or send me an email.

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Please note, Debut is not a registered bank under the Banking (Prudential Supervision) Act. This is about our future intentions. Investments with us are not supervised currently by the Reserve Bank of New Zealand

Related topics:
Digital Card :credit_card:
Two-factor payment verification

I love the idea of how about linking my work and income green card? It is not easy for me to go to the supermarket, I would have to go with someone, as items purchased are restricted to just food and essential items: and cannot be used with online shopping.

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Create a virtual card for a specific currency. For example some sites will only accept US currency from a US card with the US address. Could also be used to hold US currency, as I specify in my multi currency buckets post.

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Some places will not accept virtual cards, such as Ola cabs, and zoomy rideshare.

Virtual cards should behave just the same as a real-world card. It will be a registered card with a card number, name on card and security code. The only difference is that it won’t have a plastic real-world counterpart.

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Similar to bucket analogy, I could create a virtual card for each bucket, or a one that is used for a series of buckets, such as a virtual card for all my subscriptions, then have the funds automatically loaded onto them, or draw from each bucket when the subscription is due? The reason why move money around my accounts is that I do not know what time a subscription is taken out, even if I set it up at 7 o’clock in the evening, or 3 am in the morning. If I want to subscribe to Spotify, and they charge me every 30 days, I wanted to go out on that exact time, for example, 3 am in the morning.

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Another suggestion are won off, disposable cards. Useful if you’re buying something from somewhere and you have no intention of shopping there again.

Something I’ve just experienced a card holds. I’m using Wise virtual cards for this. I paid cameo on Tuesday for a Cameo for a singer that I like celebrate my birthday. However, I got a notification just before 7 o’clock this morning. The request wasn’t completed on time. The good thing is, the charge was automatically refunded to my Wise account, instead of the standard, 5 to 7 business days banks do.

Hope Debut cards will release the hold instantly if no charge has occurred, as waiting 5 to 10 business days is too long.

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Do you know why there was a 7 business day hold on refunding? Was the delay from Wise or from Cameo?

What might be some examples of one-off expenses? I’ve seen disposable cards done, but I’d be curious to follow the rabbit-hole leading to how they cover the cost for this. Unless there are other card fees or if there is a charge for a disposable card, because the bank still needs to pay to register the card on the payment network, unless there is some sort of special arrangement.

What Wise did with Cameo is place a hold on the card, until the celebrity completes the request. If it is declined or the request expires, which did happen, the funds were instantly released back to my Wise card if I did the same thing with my bank, it will be a 5 to 7 day hold, as New Zealand currency is not supported on Cameo I used Australian dollars.

I might buy something from Timo for example. However, I don’t intend to shop there again.