RIO DE JANEIRO, BRAZIL – Itaú (ITUB4) started offering the Recurring Virtual Card in its app and card apps, focused on the payment of permanent services, such as streaming subscriptions, transportation and delivery apps, and registration in digital wallets.
According to the bank’s director Fernando Amaral, the online card has grown consistently since it was launched in 2015. At the time, Itaú launched its first virtual card on a temporary basis.
“There were 16 million virtual cards generated [last year], with significant growth in the period from March to May 2020, the first months of the virus in Brazil. In the month of November – due to Black Friday – we reached the highest increase on record,” he said.
Itaú allows clients to have a single active Recurring Virtual Card for each card, with no limitation on the number of purchases. Despite the launch of the new mode, customers may continue to use the Temporary Virtual Card, valid for punctual online purchases for 48 hours.