In this digit realm where fintech apps are taking the lead in Nigeria, commercial banks too don't want to remain in the back. They're also diving into creation of neobanks; a typical example is Hydrogen by Access Bank and ALAT by Wema Bank. However, talking about First Bank of Nigeria, the bank have a virtual card that's denominated in naira. You can also identify it as a representation of First Bank ATM but it's only and can only work online.
Many people prefer virtual card to physical debit card because of its unique features like security and convenience. A virtual card is regularly like a normal bank card, but digital. That is, a virtual card functions exactly the same our regular ATM card works. But you cannot use a virtual debit card a the ATMs or CDMs. Likewise other bank virtual cards, First Bank virtual card can be used to make payment online on a Nigeria website. If you need to purchase in dollars online, then you have to explore a virtual dollar debit card from a fintech apps like Chipper Cash or open a domiciliary account.
First Bank Virtual Card
First Bank Virtual Card is a Naira-denominated digital debit card that can be used to purchase anything online in naira. Like normal ATM card, the virtual card is either linked to your personal bank account, business bank account or FirstMonie wallet depending on the type of First Bank account you're holding.
The First Bank virtual card is a very convenient debit card to use instead of physical card when purchase goods and services online. Although, a physical debit card also works online, especially the VISA and MasterCard, but the virtual card gives you direct access to funds in your First Bank operative account or FirstMonie wallet accounts.
In essence, First Bank virtual card let you perform card-not-present (CNP) transactions on any Nigerian online retail-website that's accepting Naira. It is the safest, easiest, most convenient, and secure way of making payments online. In addition, when the virtual card was initially launched, it was made free for first 10,000 customers who downloaded it, now N200 for card creation fee. Notwithstanding, you also get a 10% discount on all purchases (capped at N1,000.00).
How to get First Bank Virtual Card
You will definitely need First Bank Virtual Card App to get and use the digital debit card. Follow the instructions given below to download the virtual card mobile app.
First Bank Virtual Card App
- Login to your phone's app store; Google Play Store or Apple App Store precisely.
- Depending on the type of First Bank account using holding; search for the First Bank app. E.g, search for "First Bank Mobile App" for savings account, "First Bank Business App" for current account and "FirstMonie" for FirstMonie wallet account.
- Next, tap on download and make sure the app download and install successfully.
- Now, open the app and login your First Bank account on the app. However, the app may require you to register a new device. Use your ATM card or secure pass token (if you have one) to sign up and register new device.
Getting the First Bank Virtual Card
Once you've successfully installed and sign-in your First Bank account on the banking app, now navigate your dashboard and search for "Virtual Card". Click on the card to purchase and activate. Once activated, you can then begin to use it to make payment online.
Activating the First Bank Virtual Card
After you've successfully created the virtual card on your First Bank App, then click on "Activate" and you will get a prompt. Tap "Yes" and your will be active. However, do note that the card will incur for N200 card creation fee.
First Bank Virtual Card Limit
On the FirstMonie App, the virtual card transaction is limited to N50,000 per web transactions and can be done 20 times a day.
Other transaction limits on the all includes ATM transaction which is N50,000 per transaction in 10 times and POS which is also N50,000 per transaction in 10 times.
In conclusion, First Bank Virtual Card is an online debit card, denominated in naira, that can be used to purchase any products and services on naira-accepted website only. That's to say, First Bank Virtual Card cannot be used for international transactions.
FAQs About First Bank Virtual Card
Can First Bank Virtual card be used for international transactions?
No, First Bank Virtual Card cannot be used for any international transactions that involves making payment in foreign currencies like USD, EUR or GBP. However, the virtual card can only be used to purchase goods and services on websites that accept naira.
Does First Bank virtual card have USSD code?
Currently, First Bank hasn't introduced a USSD banking to its virtual debit card.
Does First Bank Have Virtual Card?
Yes, First Bank does have a virtual debit card that can be used to purchase anything online in Nigeria.
How to use first bank virtual card?
First Bank Virtual Card is hosted on the FirstMobile/FirstMonie Wallet app and can be used to carry out financial transactions simply by entering its card numbers, expiry date, CVV and Card PIN in the appropriate section when making online payments.