Dubai-based fintech YAP launches region’s ‘first’ virtual card

Dubai-based fintech YAP announced on Sunday that it has launched the region’s “first virtual card” as part of the rollout of new features.

Each virtual card has its own unique card number, expiration date and a distinct card verification value (CVV).

Users can set spending limits by topping up their cards with the amount of money they plan on spending on a specific transaction. They can stop adding money when they no longer want to subscribe to a service.

YAP users can also create multiple virtual cards for shopping categories or websites to improve security, a statement said.

The cards are customisable with different designs and colors.

YAP, which launched earlier this year, is now “onboarding hundreds per day”, the statement said.

Read: UAE’s first independent digital banking platform launched

The app – available on iOS and Android – offers features such as analytics and budget tools, card controls, money transfers and real-time notifications of purchases.

It has also collaborated with banking partners in various regions to provide IBAN and BIN sponsorship for users.

It is now planning to launch a series of new features over the next few months to boost the digital banking experience for users.

“A significant portion of online shoppers in the region have had bad experiences at some point shopping online, and virtual cards solve that problem,” said Nada Hassan, YAP’s head of Product Experience and Innovation.

“Of all the features we are releasing, we have seen the most excitement and anticipation about our virtual cards, especially among our early users.”

Last week, Emirates Development Bank (EDB) announced that it has partnered with YAP to launch the EDB Business Banking app which will support small and medium-sized enterprises (SMEs) operating in the UAE.

With the app, the business account IBAN can be obtained in minutes and account activation completed in 48 hours. The account is free to all, across all emirates within the country, and comes with no minimum balance criteria.

Read: UAE’s Emirates Development Bank partners with YAP to launch business banking app for SMEs