The new card provides safe and secure online payment, as RBC Virtual Visa Debit will be processed through Visa’s network, which verifies the transition using Visa’s Zero Liability Policy, Verified by Visa, E-Promise, AVS (Address Verification Service) and CVV2 (the three-digit code).
RBC payments & banking services head Doug Collins said Virtual Visa Debit allows its clients, including those who prefer to use debit or those who do not have access to a credit card, to shop securely at thousands of online merchants across the country and internationally.
"With the introduction of RBC Virtual Visa Debit, we are continuing to enhance our clients’ payment experience, by giving clients more options for virtual purchases," Collins said.
According to the bank, the account holders will get a reference card which will provide them relevant information to make an online purchase with the funds, including a Visa Debit number, an expiry date and a three-digit security code.
The virtual debit cannot be used at physical store locations, at an ATM or at financial institutions, as it has been designed to use only for online, telephone and mail order purchases, said RBC.
The card is free of cost and does not levy any annual maintenance cost, and consumers can use it unlimited times contrary to the monthly debit transaction limits.
Visa Canada new products head Sue Whitney said the company has been on the leading edge of technological advances within the payment industry for more than 50 years and it is pleased to be working with RBC to help empower consumers – connecting them to their resources quickly, efficiently and reliably.
"Visa Debit’s strong momentum in Canada and around the world illustrates the growing migration to electronic payments and today’s announcement builds on Visa’s ongoing innovation and commitment to the Canadian marketplace," Whitney said.
