The Royal Bank of Canada (RBC) and Visa have announced the launch of a brand new product, which has been designed to allow consumers to pay for products over the phone or mail order purchases, directly through their bank account. Yes, your bank account, which means this is not a credit card.
The product launched is the RBC Virtual Visa Debit.
What can the RBC Virtual Visa Debit do for me?
As I mentioned, the RBC Virtual Visa Debit is a new product that has been designed to allow consumers to pay for products online, over the phone or mail order purchases directly form their bank account.
What makes this great is the fact that it is linked with Visa, which means you have several features that Visa offers on their credit cards. The features include:
- Visa’s Zero Liability
- Verified by Visa
- Address Verification Service (AVS)
- CCV2 (Three digit security code)
How does the RBC Virtual Visa Debit work?
In order for the RBC Virtual Visa Debit to work, RBC deposit account holders will receive a reference card, which will hold all of the information they will need to make an online purchase with the funds withdrawn from their bank account. The reference card will have:
- A Visa Debit Number
- An Expiry Date
- A Three Digit Security Code
Keep in mind, this reference card has been designed for strictly online, telephone and mail order purchases. It cannot be used at a physical store, ATM or financial institution.
I love this idea, and although there are banks who offer Visa Debit included in their debit card (CIBC Advantage card) the RBC Virtual Visa Debit is ideal for anyone who wants the option, but with limits on what they can do. The fact that you can only make purchases online, through the telephone or by mail order and that you can’t withdraw funds or make in store purchases does add a bit of security on top of it.
Ideally, I hope to see this product, turn into a digital wallet, because in my opinion it isn’t too far of a stretch. Then again, I have been wanting a digital wallet for some time now ☺.
What do you think of the RBC Virtual Visa Debit?
UPDATED: CIBC Advantage Card name corrected