RBC and Visa have launched the RBC Virtual Visa Debit. This new product is designed to allow consumers to pay for online purchases with funds directly from their bank account. Using funds drawn from their own bank account, RBC says that its Virtual Visa Debit offers Canadian consumers "key features, including expanded choice and acceptance when shopping online, by phone or by mail order, and the ability to make regular and recurring bill payments online."
"Virtual Visa Debit allows our 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," said Doug Collins, Head of Payments and Banking Services at RBC. "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."
RBC deposit account holders receive a reference card, which provides all the information required to make an online purchase with the funds withdrawn directly from their bank account including: a Visa Debit number, an expiry date and a three-digit security code. However, the reference card cannot be used at physical store locations, at an ATM, or at financial institutions, the bank notes.
"Visa has been on the leading edge of technological advances within the payment industry for more than 50 years and we are pleased to be working with RBC to help empower consumers - connecting them to their resources quickly, efficiently and reliably," said Sue Whitney, Head of New Products, Visa Canada. "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."
Virtual Visa Debit has no annual fee and transactions made using RBC's Virtual Visa Debit do not count towards any monthly debit transaction limits that may apply to the customer's account package, RBC says.
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