Source: Royal Bank of Canada
RBC and Visa today announced the launch of RBC Virtual Visa Debit, designed to allow consumers to pay for online, over the phone, or mail order purchases with funds directly from their bank account.
With Canadians engaging in e-commerce in record numbers, RBC Virtual Visa Debit addresses the need for greater flexibility and more payment options for debit functionality within the online space.
Using funds drawn from their own bank account, RBC 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. Purchases made with RBC Virtual Visa Debit will be processed over Visa's network, providing the protection of Visa's multiple layers of security including: Visa's Zero Liability Policy, Verified by Visa, E-Promise, AVS (Address Verification Service) and CVV2 (the three-digit code).
"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 & 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 will receive a reference card, which will provide all the information required to make an online purchase with the funds withdrawn directly from their bank account including: a Visa Debit number, an expiry date and a three-digit security code. As Virtual Visa Debit is designed for online, telephone and mail order purchases only, the reference card cannot be used at physical store locations, at an ATM or at financial institutions.
RBC's 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.
"Visa has been on the leading edge of technological advances within the payment industry for more than 50 years and we arare 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."
Since its introduction to Canada, nearly 15,000 Canadian merchants have signed up to accept Visa Debit, highlighting the growing consumer demand for choice and convenience in payment products. And while it may be relatively new to Canada, Visa Debit is accepted at millions of merchant outlets worldwide, in more than 200 countries. In fact, Visa Debit is so successful that global debit transactions now represent more than half of all payments that run on the Visa network around the world. For more information on Visa Debit, go to Visa.ca/debit.