Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) continues to step up efforts to strengthen security of digital transactions with the introduction of Dynamic Card Number in its Alliance Bank Visa Virtual Credit Card. In partnership with Visa Malaysia (“Visa”), CTOS Digital Berhad (“CTOS”), Jirnexu (“RinggitPlus”), YTL Communications (“YES”) and Touch ‘N’ Go Digital (“TNG Digital”), this new payment solution will not only make online transactions more secure, but it will also greatly enhance the overall experience for credit cardholders.
The enhanced feature generates a randomised 16-digit credit card number for every transaction which includes e-commerce transactions, streaming and subscription services to cater to customers’ various lifestyle needs. As part of Alliance Bank’s Acceler8 strategy, the Bank will continue to drive digital transformation to provide faster, better, and more personalised solutions for customers.
The single-use Dynamic Card Number offers a more secure and safer way of making daily purchases and minimises the customers’ exposure to fraudulent risks, identity thefts and other financial scams. Additionally, it also brings about a positive impact to the environment as it reduces production of plastic credit cards and helps to lower credit card footprint on online channels.
Customers also have the flexibility to determine a dedicated Dynamic Card Number as well as the number of times it can be used for a particular subscription service. This enables customers to track and manage their digital transactions on-the-go more conveniently and securely via their mobile phones.
“In line with Alliance Bank’s customer-first mindset, we constantly innovate and enhance our suite of digital solutions to meet our customers’ expanding banking needs, and also deliver a seamless digital payment experience. The new feature on the Alliance Bank Visa Virtual Credit Card provides our customers with greater peace of mind by way of a more secure payment option, addressing concerns of credit card data breach at third party sites when they transact online,” said Ms Gan Pai Li, Group Chief Consumer Banking Officer of Alliance Bank.
Sharing the same sentiment, Mr Ng Kong Boon, Visa Country Manager for Malaysia, said, “With more Malaysians relying on digital commerce, we believe it is important that they feel empowered and secure when making digital payments. Hence, we have partnered with Alliance Bank on this dynamic card number solution for the virtual credit card. We hope to give customers more confidence as they shop and pay for their purchases online.”
“The virtual credit card will enable users a smooth experience when fulfilling their payments, reload and purchasing needs. Furthermore, the main edge of the virtual credit card is its dynamic card numbers which is in tandem with TNG Digital’s main aim for being a safe and secure eWallet in line with Bank Negara Malaysia’s standards,” said Mr Alan Ni, Chief Executive Officer of TNG Digital.
With Malaysia recording 154 data breaches per 100 people in 2022 according to Surfshark, the introduction of the Dynamic Card Number aims to meet the market needs of more personalised and safe mode of payment for goods and services, especially among young professionals.
The fully online application process is fast and simple, with digital submission of supporting documents such as EPF statements or salary slips. Successful applicants will be notified through a push notification.
For more information on Alliance Bank Visa Virtual Credit Card or the Bank’s products and services, please visit https://www.alliancebank.com.my/cards/personal/credit-cards/virtual-platinum-credit-card.aspx
About Alliance Bank Malaysia Berhad
Alliance Bank Malaysia Berhad and its subsidiary, Alliance Islamic Bank Berhad, offers banking and financial solutions through its consumer, SME, corporate, commercial and Islamic banking, and stockbroking business. The Bank provides easy access to its broad base of customers throughout the country via multi-pronged delivery channels that include retail branches, Privilege Banking Centres, Business Centres, Investment Bank branches, and mobile and Internet banking.
