Cross-border payments firm, Changera has broadened its financial services by launching Virtual Cards for users to perform online dollar transactions without worrying about their monthly spending limit. The Virtual Card rollout adds to the list of services Changera provides; the other services being borderless money transfer, peer-to-peer payments, diaspora remittance to airtime, data, and more.
A flagship payment product of pan-African cryptocurrency firm Bitmama, Changera allows users to send and receive money globally and securely. Launched in May 2021, Changera aims to lessen the hassle of expensive transfer rates for payments across and beyond Africa.
The uptick in digital remittance in Africa in recent times only underscores the need for secure payments that are equally flexible for millions of users when performing online payment transactions. A recent report by Nigeria’s Central Bank showed that the rate of FX inflows through the banking system by Nigerians living in diaspora surged by 24 percent when compared to the $5.6 billion reported in the same period last year.
Changera has two categories of users who are able to enjoy financial services without the worry of card limits and limited card access to platforms —individuals who perform personal transactions, and businesses with access to a more extensive suite of features, such as multi-currency payment options. To enable users’ safety when carrying out cross-border transactions, Changera has a strict verification process that detects and terminates fake transactions. The overall goal of Changera is also to give users the opportunity to conduct online transactions by easing the global money transfer process while ensuring the security of users’ funds.
According to Victor Anunobi, Changera’s Product Manager, the company’s virtual card works exactly like a regular card, however, it doesn’t restrict the user from certain platforms and gives them unlimited access to users’ funds. He noted that the launch of the virtual card was due to the increase in cross-border payments and diaspora remittance in recent times, and with the new African Continental Free Trade Agreement (AfCFTA) being ratified by most African countries. “It makes a cogent timing to unveil the Changera Virtual Cards for merchants looking to stem businesses hassles and execute digital transactions. Changera users are also protected from risks as the virtual card is not attached to the main account and users can only spend the funds preloaded onto their Changera virtual cards,” he said.
The Changera Virtual Cards can easily be obtained by downloading the Changera app from App Store or Play Store. The app is designed to give users a seamless user experience when transacting online or making cross-border payments. Once downloaded, mobile app users can navigate to the ‘Cards” section and click on “Get Card”. As soon as all required details are filled in, such as preferred currency, card type, payment method, wallet, and select “pay”, the virtual card is created instantly.