With more and more financial sectors opting into digitalizing their traditional services, Alliance Bank is one of the many – takes a rather unique route in making not just their credit card virtual but dynamic as well. With that said, in this article, we will talk about what is this Alliance Bank Dynamic Virtual Credit Card, how it works and give a little bit more deep dive into how it revolutionizes a traditional credit card.
Alliance Bank Dynamic Virtual Credit Card | Alliance Bank Visa Virtual Credit Card
A Little Insight
Alliance Bank Malaysia Berhad is strengthening the digital transaction sector with the help of Dynamic Card Number which is seen with the Alliance Bank Visa Virtual Credit Card. Now of course, as always – it happens in partnership with many well-known names in the industry like Visa Malaysia, CTOS Digital Berhad, Jirnexu (you know them as RinggitPlus), YTL Communications (also goes by Yes) and Touch ‘n’ Go Digital. With this partnership, Alliance Bank Dynamic Virtual Credit Card is set to work in ways we may or may not have seen before.
What is it?
Let’s talk about it one at a time. Now, I am sure the majority of you know what’s a credit card, which I don’t have to explain. But let me explain Virtual Credit Cards. Now unlike a traditional bank card which only exists in a physical form, virtual credit cards exist “virtually” – in this case, on your smartphone. We have seen other forms of cards like Debit or Prepaid exist virtually – such as TnG’s own card, Wise or BigPay. Usually, Virtual credit cards come in physical and digital cards.
Now on the digital aspect of things, it opens the door to a lot more options to use however you want. To put it in one word: compartmentalizing your payment. We have used Wise before and with our virtual card, we can create as many as we want and at the same time we can delete cards – meaning I can create many cards, compartmentalize my payments however I want and say if one of those cards get compromised, I can freeze it via the app and delete it altogether – giving me, the user the security. So, this now exists in the form of a credit card.
If you add the word “Dynamic” to the equation, things change a little. With Alliance Bank Dynamic Virtual Credit Card, it only exists as a virtual card (although you can opt for a physical card, it won’t be dynamic). So, from here – you get to create a few cards and assign those cards however you’d like to, for bills, monthly allowances and so on.
How does it work?
In the app, you have a button called “Get Card Number”. Once you tap that, you get two options: “One-time” and “Subscription”. Now say you are binding a card for the first time for pre-authorization reasons or you just have a one-time payment you need to do, “One-time” works fine. But say you have bills, like a Netflix subscription you need to pay for every month, in those cases you can use “Subscription”.
But what about getting Cash Advance? You can do that as well under the “Get Cash” tab. Other than that, with the app, you can pay with DuitNow QR or even JomPay for your bills – so, worry not, Alliance has thought of things to make sure it doesn’t hit a wall.
Is it the first in Malaysia?
Now, from the Virtual Card point of view, no, Alliance isn’t the first to do it. Because we have seen Wise enter Malaysia and give Malaysians the option to use virtual cards. So does BigPay with their card recently. However, from a credit card point of view, Alliance happens to be the first to issue an Alliance Bank Dynamic Virtual Credit Card.
Where Can I Apply?
To apply for one, you can head over to Alliance Bank sites – by clicking here to do so. Just like any other Credit Card, you will need the right paperwork like EPF statements or salary slips. At the moment, they are starting off with a Visa Platinum Virtual Credit card, it’s only a matter of time before they include more down the line. To know more about Virtual Finance Tech, make sure to stay tuned to us as we have something interesting, we are working on, here, at The Adventures of Vesper.
