Alliance Bank has launched a fully virtual Visa Platinum credit card, in partnership with MCash. The card, which shares similar benefits as the regular Alliance Visa Platinum, will be hosted in the MCash app – making it the first in-app virtual credit card in Malaysia.

In addition, the entire application process is also hosted in the MCash app. The application process will be similar to a standard online card application process: scanning your IC, updating employment information, and uploading your EPF statement for the past two years. Approval will not be instant, but you will be informed of the application status via in-app notification within two to five working days.

At the moment, the Alliance Virtual Visa Platinum card has limited payments capabilities. Currently, cardholders can only make JomPAY and QR code payments, as well as access cash advance services via the mobile app. However, the virtual card will soon support transactions for e-commerce, streaming, and subscription services. It does not support NFC or tap-to-pay functionalities at the moment.

As for the card itself, the Alliance Virtual Visa Platinum Credit Card will offer the similar benefits to the physical Alliance Visa Platinum, with transactions that earn Timeless Bonus Points (TBP) – with some caveats. For online and e-wallet transactions, this card earns 8x TBP for every RM1 spent (though starting 14 March, e-wallet transactions will only earn 8x TBP up to RM3,000 per statement cycle). Meanwhile, overseas transactions will earn 3x TBP, and all other spend will earn 1x TBP per RM1 spent – this includes JomPAY and QR-based payments using DuitNow QR. Finally, for existing Visa Platinum cardholders, the Alliance Visa Platinum Virtual will share the same credit limit.

The application requirements are the same as well: a minimum annual income of RM24,000 (RM2,000 a month). One minor change between the virtual and physical cards is in the annual fee: while the physical card’s RM120 annual fee can be waived with 12 transactions of any amount within the year, the Alliance Virtual Visa Platinum card has zero annual fees.

“In keeping true to our ‘Bank in Your Pocket’ proposition, the Alliance Bank Visa Platinum virtual credit card is the latest addition to our line-up of digital innovations to deliver fast, simple and responsive services and is ESG friendly. We want our customers to have access to cash advance services securely whenever they need it via their mobile phones anytime, anywhere,” said Gan Pai Li, the Group Chief Consumer Banking Officer of Alliance Bank. “We are pleased that MCash eWallet shares our vision of ‘Bank in Your Pocket’ and have agreed to work with us to provide our customers a seamless digital payment experience,” she added.

The MCash app can be downloaded from the Google Play Store, Apple App Store, and the Huawei AppGallery.

• TAGS:
• Alliance Bank
• Alliance Visa Platinum
• MCash
• Virtual Credit Card
• Visa