Neyva Bank in Russia is launching a new virtual prepaid Visa card which will be available for issuance via its ATM network (view press release). The cards are built on the recently launched TranzAxis, an open application development platform from Compass Plus. The card issuing process is automated online and customers are able to choose between three different currencies for their card. An SMS notification service can also be activated to receive instant messages for every transaction. The ‘personal profile’ function allows users to manage their card, change limits, block/unblock the card, check transaction history, receive bank statements and make payments with the card for mobile services, internet access and other online utility services.

Users can also set limits for the number of transactions and total spend allowed, in order to combat the risk of fraud.  These limits can be reduced to zero so even if the details were compromised the cardholder would not suffer financially. To obtain a card, customers do not require a Neyva Bank account or have to provide personal details, but need a contact phone number which the bank claims will ensure customer confidentiality on their payments.