RBC Introduces virtual Visa debit

published by asingh on Tue, 07/31/2012 - 18:07

RBC and Visa 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.

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receive a reference card, which will provide all the information required to make an online purchase with the funds withdrawn directly from their bank account including: a Visa Debit number, an expiry date and a three-digit security code.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.

For more information on Visa Debit, go to Visa.ca/debit.