Bridgecard Virtual Card and Dollar Rate

Virtual dollar card

A virtual card is basically a digital card used for online payment. The simplest way to think of a virtual card is to picture your regular debit card, reduced to only card details. One of the top benefits of owning a virtual debit card is the improved level of security you enjoy because virtual payment cards are not physical items that can be stolen, hacked or cloned for fraudulent purposes, unlike physical cards.

Bridgecard is increasing access to Virtual cards in Africa, and not just virtual cards but virtual dollar cards, this means any Nigerian can get access to a dollar card without stepping out of their house. If you have carried out a transaction online, you were probably asked to input your card details which means the Bridgecard virtual dollar card will be great for you.

The Role of Bridgecard in Building Virtual Cards

By making virtual cards more accessible, we want to help Nigerians perform transactions more easily and have better options for their online activities. 

One major challenge Nigerians face with online international transactions is the dollar limit on their physical cards, which is one of the things Bridgecard is here to fix; keep reading for the first official information about our dollar rate.

Here are 5 reasons you Would Need a Bridgecard Virtual Dollar Card:

  1. Dollar Limit

The current $100 monthly limit on most debit cards can be annoying to many Nigerians but your Bridgecard virtual dollar card has a robust and generous daily spending limit of $10,000. This means you will be able to make your online transactions, pay bills, or transfer from your Naira to Dollar card without fear of your card declining because of an exceeded dollar limit.

2. Naira and Dollar Funding

With your Bridgecard virtual card, you will be able to pull funds from your Naira bank account into your dollar account and vice versa; no need for black market traders when you have Bridgecard. This means you will be able to pay your international and domestic bills in dollars. E.g Apple Music/Spotify bill, Netflix bill, and many other subscriptions easily.

3. Extra safety and security

Your Bridgecard virtual dollar card has more security than any other virtual card, this is because our cards are protected by several security features including our 3D security that serves as a multi-factor authentication, unlike other virtual cards. We also have a picture security feature that gives additional protection, and with this and more, no one will be able to use your card without your permission, even if they have all your card details.

4. Easy transactions

Bridgecard virtual card is acceptable on all online platforms that accept MasterCard debit payment e.g Paypal. Therefore, your Bridgecard can be used to perform all your online transactions easily.

5. Easy to create and use.

Getting a Bridgecard dollar card is very simple, all you have to do is request for a Virtual dollar card on the app and your card will be ready for use in no time.

The Big Question on Dollar Rate

The most asked question across our social media platforms is our dollar rate. We understand people’s need to be able to access dollars at a cheaper rate and we have been working tirelessly towards this. Here's a quick text to give you perspective on our rates:

In Nigeria, dollar rates are usually determined in two ways: 

1. The official exchange rate which is determined by the Central Bank of Nigeria.

2. The market exchange rate, determined by market forces of Supply and Demand.

The CBN currently provides Banks with dollars (usually around rates of N480 to N500 per dollar) and has mandated them to only provide every customer with a maximum of $100 on each debit card, the CBN has further stated that by the end of this year banks will have to start sourcing for the "$100" themselves as they won't be providing it to them anymore, which basically means that bank rates are equally likely to go up.

On the other hand, Fintech’s and other businesses do not get their dollars from the CBN, hence, for them to be able to provide dollars at unlimited rates, they need to source it themselves. These rates are usually determined by market exchange, that is, how much people sell and buy the dollar for. We interviewed 5 Bureau de change men (Abokis) last week and the current average sell rate is N570/$1 and they buy for about 567. We also checked other Fintech apps and some of the market leaders currently sell theirs at N590.

We made a promise to give you the best possible rate, and we at Bridgecard always strive to do better. Currently, our BETA users are accessing dollars at N566 which makes us N4 cheaper a regular Bureau de change and up to N25 cheaper than most Fintech apps, and we have no intention to stop at this. Our team is still trying hard to navigate making these rates lesser and we are not resting yet.

Bridgecard’s virtual dollar card, our dollar limit, and our dollar rate are exciting features that make performing transactions simple and easy, and you shouldn’t miss out on it. Over 4000 people have signed up on our waitlist to enjoy these features. We are currently in private beta testing, hence the app will soon be out for the public. For early access, or to stay updated, please sign up here.

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