VTB will digitally issue up to 40% of bank cards by 2023
Within two years, VTB plans to increase the proportion of digital cards in the total issue volume to 40%. Now the proportion of virtual cards in the bank accounts for 5% of all issues, and the turnover on them reached almost 8 billion rubles (USD$109m) this year.
This year, the demand for digital cards has steadily increased: in November, the bank issued 2.5 times more such cards than in January. Since the beginning of the year, the issue volume has exceeded 300 thousand units.
The total turnover of VTB digital cards for 11 months amounted to 7.9 billion rubles (USD$7.9m), with users conducting 8.7 million transactions on them. Since August, the monthly turnover on such cards exceeded 1 billion rubles (USD$13m), and at the end of November it amounted to more than 1.4 billion rubles (USD$19m) (1.5 million transactions) — this is significantly bigger than in January.
More than a third of the turnover on VTB digital cards is accounted for by online purchases, while during the period of self-isolation, their share reached 45% of the total amount of transactions. After a slight decrease in the intensity of online shopping in the summer months, it began to grow again in the autumn, and in November it was 38%.
Most often, VTB customers use a digital debit card to buy food — they account for an average of
“As part of VTB’s strategy, we aim to bring all new products and services to customers online. The issuing of digital cards is an important step towards the development of digital experience in the design, receipt and use of card products. In addition, avoiding the release of excess plastic will have a positive impact on the environment, which is also our strategic goal. Our customers support us in this — we record an ever-growing interest in digital cards. According to our forecasts, in the medium term, digital products will occupy a leading position in the market, and in the next two years we expect to increase the share of digital cards in the total issue volume to 40%,” says Ksenia Andreeva, Head of the Debit Cards and Accounts Department at VTB.
Registration of a digital debit multi-card and a credit “Opportunity Card” is available in the VTB Online mobile application. A digital Multi-card can be issued in any of three currencies: the Russian ruble, the US dollar or the euro. Owners have the opportunity to set their own settings — PIN code and method of notification of transactions, as well as choose one of the bonus program options. according to the digital credit card of opportunities, the client can independently choose a payment system, the type of card — classic, with the option of cashback or travel (for owners of the service package privilege) and set a credit limit. At the moment, the digital credit “opportunity card” is available for registration to customers with a pre-approved offer.
Customers can also view the details of a digital card in VTB Online to make online purchases, as well as add it to an electronic wallet on their smartphone and pay for all purchases with a digital card.