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Innovations and Startups: Banking: Societe Generale unveils first fully virtual bank card

Times are changing and there has been a call to change businesses in all economic sectors. As in the case of automotive industry has now switched to electric. Or else aeronautics turned towards sub-contracting to private sector companies. Also the telephony sector, which has started the trend of foldable screens. In another register, this time of the bank, it is Societe Generale who introduced the virtual bank card. Which he has just unveiled to the general public.

Societe Generale leading in this space

Compared to the dinosaurs usually resting on its laurels, Société Générale has delivered one of its rare innovations in the banking sector. The French company has actually announced the first fully virtual bank card.

Societe Generale Virtual Bank Card – Photo Credit: Societe Generale

Indeed, SG would have started from the theory that it was a genuine journey to continue banking transactions normally requiring the use of the account linked to said card, following a card protest in the event of theft or loss of your bank card. . Fighter’s.

Hence the idea of ​​setting up a virtual bank card. Who will take charge in case of physical bank inaccessibility. “Mere seconds after registering an objection to a stolen or lost bank card, an iPhone-equipped customer receives an SMS informing him that a digitized version of his future bank card is available” Reported Julian Clauden, head of bank cards and digital services at Société Générale.

As a result, this innovation is more of an emergency solution than a long-term one. Regardless, the French bank is sure to think about the implementation of a virtual bank card that will replace a real bank card.

How does Virtual Bank Card work?

At the moment, the virtual bank card is only available to owners of the iPhone and Apple Watch. It uses Apple Pay, a contactless payment service. Once the authentication is ensured, all transactions are linked between the Apple Pay account and its Societe Generale Virtual Bank Card.

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