WeLab Bank, a homegrown virtual bank licensed by the Hong Kong Monetary Authority (HKMA), will launch a numberless bank card that is powered by MasterCard
While WeLab Bank services are designed to be 100% operated from the mobile phone, a 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 an account where a virtual card would be available on the app, followed by the delivery of a physical card.
The physical card adopts a minimalist design with an embedded multi-function chip and cardholders’ name to compliment the Mastercard and WeLab Bank logos. The card number, validation code (CVC2) and expiry date will not be displayed on the physical card as everything can be accessed privately and securely from within their app.
South East Asian ride-hailing giant turned super-app Grab, was known to be the first in Asia to launch a numberless card. Since then, virtual banks like Mox has also followed suit
Adrian Tse
“We understand that people don’t want a traditional bank card, but a card that can bring excitement and fit with their daily lives. While Mastercard is a global leader in digital payments and WeLab Bank is a fintech pioneer entrenched in Hong Kong, we trust that our partnership combines the best of both worlds, allowing us to continue designing innovative tools for the future. We hope our customers enjoy using their gorgeous cards just as much as we have enjoyed building it.”
said Adrian Tse, Chief Executive of WeLab Bank.
Helena Chen
“This collaboration also showcases Mastercard’s progressiveness as a leader in the payments industry, especially in safety and security, as well as its dedication in pushing forward the development of Hong Kong as a smart city,”
said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.
