Alliance Bank targets to double credit card base with enhanced feature

Alliance Bank chief executive officer Kellee Kam

KUALA LUMPUR: Alliance Bank Malaysia Bhd is targeting to double its credit card customer base from 120,000 to 240,000 by year-end following the introduction of its dynamic card number, an enhanced feature on its Visa Virtual credit card.

Alliance Bank chief executive officer Kellee Kam said this new payment solution will attract more customers as its new feature is more secure for credit cardholders.

"We launched the virtual credit card in February 2022. Today, the bank continues to step up efforts to strengthen the security of digital transactions with the introduction of the dynamic card number.

"The enhanced feature generates a randomised 16-digit credit card number for every transaction, including e-commerce transactions, streaming and subscription services to cater to customers’ various lifestyle needs,” he told reporters after the launch of Malaysia’s first dynamic card number in Alliance Bank Visa Virtual credit card today.

Kellee said 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.

He added that 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,” he added.

Additionally, it also has a positive impact on the environment as a virtual credit card on the phone reduces the production of plastic credit cards and helps to lower credit card footprint.

Meanwhile, chief consumer banking officer Gan Pai Li said the new feature on the Visa Virtual credit card provides customers with peace of mind with a more secure payment option, addressing concerns about credit card data breach at third party sites when making an online transaction.

"In line with Alliance Bank’s customer-first mindset, we are constantly innovating and enhancing our suite of digital solutions to meet customers’ expanding banking needs, and also to deliver a seamless digital payment experience,” she added.

The bank partnered with Visa Malaysia, CTOS Digital Bhd, Jirnexu (RinggitPlus), YTL Communications and Touch ‘N’ Go Digital for this new payment solution. - Bernama