Dubai-based fintech YAP announced 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.
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. 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.