Partnership delivers a secure, simple, intuitive, customer-centric and fully digital banking experienceHONG KONG, JULY 20, 2020 – Mastercard and WeLab Bank Limited (“WeLab Bank”), a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”), today announced a partnership to launch a numberless bank card that is part of a simple, intuitive and fully digital banking service that specifically caters to the tech-savvy needs and lifestyles of people all over Hong Kong.While WeLab Bank services are purposely designed to be 100 percent operated from the mobile phone, 2a physical card may have wider acceptance and provide added convenience to consumers’ daily lives, such as when making payments at certain merchants or withdrawing cash. Unlike traditional bank cards, the WeLab Debit Card is available for use immediately after opening a WeLab Bank account in the form of a virtual card from the WeLab Bank app, followed by the delivery of a physical card.The physical card is also good-looking and sleek, adopting a minimalist design with only the embedded multi-function chip and cardholders’ name to compliment the Mastercard and WeLab Bank logos, with all other information accessed safely from the mobile app. This is made possible by Mastercard’s fast, secure and reliable global network, providing WeLab Bank cardholders with robust, multi-layered protection when making purchases. Some highlights are:
- Private and secure – No card number, no card validation code (CVC2), no expiry date displayed on the physical card. Everything can be accessed privately and securely from within the WeLab Bank app.
- Hassle-free lost card reporting – Simply open the WeLab Bank app and tap on “report lost card” to deactivate the card immediately. New card credentials will be issued to customers shortly thereafter, allowing them to continue making transactions straight away.
- No hidden fees – No annual card fee, no reissuance fees for lost card, and no hidden transaction fees.
- Accepted everywhere – offline or online 24/7 – Purchase items offline with a simple tap of the card, or online by copying the debit card number located in WeLab Bank’s app and your order can be completed swiftly, even from 10,000 miles away!
- Easy access to cash withdrawals – Withdraw cash from any JETCO ATM in Hong Kong and CIRRUS ATMs that accept Mastercard cards worldwide.