To overcome the disadvantages of previous-gen unidentified virtual cards, CIMB unveils OctoFast – the next-gen virtual card with first-to-market e-KYC solution - brings significant benefits to their customers. Octo prepaid cards can be used to make purchases anywhere credit or debit cards are accepted, including online. Unlike a credit card, a prepaid debit card won’t let you fall into debt.
The limitations of previous-gen virtual prepaid cards
Non-physical prepaid cards, also known as virtual cards, are not something strange to Vietnamese users now. These anonymous cards require customers to create a payment account on mobile or website, get instant approval and can be ready to process online transactions without using a physical card.
Besides, the anonymous virtual card also enhances user journey by simplifying the registration process, without any face-to-face appointment with bank staff. Customers only have to provide a few personal details including full name, phone number, email; and the card will be ready to use with a maximum balance of VND 5 million. This advantage has helped non-physical cards truly win users over.
There are many potential risks of former virtual cards
However, taking advantage of the convenience of this card, a few individuals have inherited the opportunity to create virtual cards in bulk to perform e-commerce payment fraud, which is basically any kind of illegal online transaction that is being performed by a cybercriminal. Therefore, from 1st April 2020, the State Bank of Vietnam has issued Circular 28/2019/TT-NHNN to provide guidelines for opening and maintenance of current accounts and required banks to stop card transactions on the Internet or via mobile applications or to withdraw cash for unidentified virtual prepaid cards. SBV also required banks to deploy KYC (Know Your Customer - verifying customer identity) when opening a virtual card as well as having a solid periodic examination. However, the common verification process requires direct touch between cardholders & banks, which has killed the convenience of virtual cards to consumers.
This New Virtual Prepaid Card Is Exactly What’s you are looking for.
Learning from market and customer insights, CIMB Bank has fostered their pioneer in digital banking by launching OctoFast, a next-gen virtual prepaid card.
The New Identified Virtual Prepaid Card offer you the services that are accepted globally. Once you sign up with these services, you have to go through a verification process. Getting verified is not difficult or lengthy especially with CIMB’s new launched eKYC (electronic Know Your Customer) feature.
Without face-to-face interaction, CIMB Bank will ask for certain documents to verify if you are indeed a registered citizen with a valid residential address, contact number and minimum occupation information, followed by biometric authentication technology, self-portraits (selfie) and live detection. From there, the Bank can accurately identify cardholder's identity, limit financial risks and fraud.
CIMB's OctoFast returns with different features and perks
OctoFast Visa virtual prepaid card allows you to use your funds online wherever Visa is accepted: through famous e-commerce sites such as Amazon, eBay, AliExpress; sign up for app purchase, game recharge on Apple Store and Google Play Store; pay subscription fee for iTunes, Spotify, Netflix or verify online accounts: MoneyBookers, Facebook Credit, Google Adwords. All you have to do is to load a balance onto your card, and once all the money has been spent, the card will be declined should you attempt a transaction. For those who struggle with overspending, prepaid cards offer a preventative measure.
And other benefits with Octo by CIMB
Besides this new product, Octo by CIMB Digital Bank still maintains the best interest rate for Spend Account which is 7% / year for individual customers and 7.7% / year for preferred banking customers, being unchanged despite the current Covid-19 pandemic. With this Spend Account, customers can also link with an Octo Visa Debit card, enjoy free interbank transfers and zero-fee withdraw cash at 17,000 ATMs nationwide. Your Octo Visa Debit Card also can be delivered to your door at your convenience.
It is entirely appropriate to the development of society by undertaking government directive on contactless payment, especially in the context of the Covid-19 pandemic, when social distancing is required to ensure individual and community health.
Creating new outstanding features for Vietnamese consumers, CIMB continue to set their own mark on the path of becoming the leading Digital Bank in Viet Nam.