UK-based challenger bank Starling Bank has released new virtual cards for Personal Current Account customers. It has also updated its Spending Insights.
The virtual card is linked to a Saving Space in the Starling app, instead of the main account balance. These cards will have a unique card number, expiry date and CVV.
Customers can have five virtual cards at any one time. To support those with visual impairments differentiate the cards, customers can choose a different colour for each card, with each also having a unique shape, such as a circle or triangle, in the top-right corner of the card.
Starling explained that each virtual card is assigned to a dedicated Space in the Starling app that can be personalised to give customers more control over their budget. These are designed to help people better budget. For example, a person’s daily bus fare could be used with the ‘travel’ card and another card could be dedicated to groceries.
When the budget of a space is met, the card will decline any payment. These spaces can be topped up as a one-off, weekly or monthly.
Customers can use the card to pay direct debits and standing orders to better manage their outgoings.
Starling Bank chief banking officer Helen Bierton said, “Our customers asked for virtual cards and we’ve delivered. Virtual cards allow people to completely compartmentalise their personal finances for better control of their spending, making it easier to stick to budgets.”
As mentioned, Starling also updated its Spending Insights tool. This has been changed to give customers even more clarity over their finances. Customers can analyse spending from their various spaces, with extra insights and interactive graphs to understand their spending patterns inside out.
Starling recently released a new Bulk Payments feature for business banking customers. The subscription service can be used to help support payroll, reimburse staff expenses or pay suppliers at the same time.
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