Virtual Card Payments for Black Friday

Picture this: It’s just gone midnight on Black Friday – 29 November – and your phone has already started pinging with exclusive, one-day-only deals and discounts from your favourite shops. You may be dead-tired, but you want to be the first one in line, online – it’s time to shop!

So, you hop online, you find what you’re looking for and you pick your favourites. It’s a miracle – they’ve got your size, each item is just the right color and fit, that bulk grocery deal you were hoping for is real. Everything is going great!

You click ‘check out’. You reach for your wallet … and realise, with horror, that your bank card is not there. Your stomach flips. Your blood runs cold. That discount timer on your cart is quickly ticking out to zero. There’s no other payment option you can choose. You panic! If only your bank had offered a virtual card which you could use to make secure online payments for these deals… If only…

As a GoTyme Bank customer, you won’t have to deal with any of that retail drama on Black Friday, and you can enjoy the experience of raking in those discounts by shopping safely and securely online using your GoTyme Bank Virtual Card. So, if you’re new to the concept of virtual cards, here’s how they work and why they’re a fantastic option for online shopping.

What is the GoTyme Bank Virtual Card?

The GoTyme Bank Virtual Card works exactly like a regular Visa bank card, but it’s completely digital and lives on your phone in the banking app, rather than tucked away in your wallet. It’s linked to your Current account – as an add-on to your physical GoTyme Bank debit card – and you can apply for one completely free of charge on the app.

The GoTyme Bank Virtual Card can be used for any e-commerce transactions, and on websites or apps that accept Visa cards – you can also pay for in-app purchases on Google Play and the Apple AppStore. As for physical shops, as long as you’ve activated Samsung, Google, and Garmin Pay on the GoTyme Bank App, you can also use your virtual card.

The only place you can’t currently use your GoTyme Bank Virtual Card is at an ATM, and virtual card transactions also don’t qualify for reward points on your SmartShopper or TFG cards.

Why use a virtual card for Black Friday shopping over using an ATM?

One of the major perks of a using virtual card for Black Friday online payments is that it’s less likely to be stolen or pickpocketed while you’re out at the mall, enjoying the specials. It’s also less likely for fraudsters to clone than its physical counterpart, and with easy access to your GoTyme Bank app, you can be sure that your card payment option is secure yet completely accessible whenever you need it.

There are four main reasons why using a GoTyme Bank Virtual Card is a superior option for online shopping:

1. Virtual cards limit your exposure to potential fraud

   The virtual card uses multi-factor authentication per transaction, which allows you to keep strict control on verifying purchases in real-time. And because your virtual card is digital, it’s less likely to be stolen or skimmed by criminals.

   If you suspect potential fraud, or that your virtual card details have been compromised, you can lock your card immediately from the app to prevent any more transactions without affecting your physical card. Plus, you also have the added benefit of being able to speak to GoTyme Bank’s customer service channel on 0860 999 119 for further assistance.

2. You’re less likely to overspend on a virtual card

   As your virtual card is linked to your Current debit card, your limit stays the same. As long as you have cash in the account – and that you’ve enabled online transactions on your app profile – you’re good to go. But, in the event of transactions failing or being declined due to a lack of funds, you may be liable for an additional transaction fee on your account. So, make sure you read the fee structure page here.

3. Convenient and accessible on-the go

   Setting up your GoTyme Bank Virtual Card takes seconds in the app and, once you’re set up, you can shop with it immediately (funds permitting, of course), which is particularly handy if you’re caught by surprise with a last-minute deal.

   To access your virtual card’s details, log-in to your GoTyme Bank App, navigate to ‘Your cards’, scroll to ‘Virtual Card’ and select ‘View Details’ to see your card number and expiry date. Click on ‘CVV’ to see hidden CVV number.

4. Compatible with Visa merchants

   Your GoTyme Bank Virtual Card is a digital Visa card so you can enjoy all the perks, benefits and discounts offered anywhere Visa is a payment option.

How to set-up your virtual card

This can be done either within the SmartApp, or Internet Banking channels under the ‘Card settings’ option.

To set-up your virtual card on the app:

• First, double-check that you are a GoTyme Bank Good Friends profile holder.
• Open your GoTyme Bank App and log in.
• Go to the ‘Your card’ section and follow the prompts on-screen. Remember to look out for the toggle switch to enable online transactions and switch it from ‘off’ to ‘on’.

Open a GoTyme Bank Account today

You can access tools to help you budget better and save towards your financial goals by opening a GoTyme Bank account in less than five minutes. The GoTyme Bank app gives you access to seamless transactions, a bank account with no monthly fee, and double SmartShopper points. Simply download the GoTyme Bank app or choose the option to open an account online to activate these benefits.

Here’s what you’ll need:

• A South African ID number
• An active South African cellphone number
• Be 16 years or older

Reach your financial goals with GoTyme Bank.