News

Coop Pank has launched a new solution that allows customers to go fully digital by replacing their plastic cards with virtual ones. With this innovation, Coop Pank becomes one of the first banks in Estonia to offer its customers the ability to use a virtual card.

Creating a virtual card takes less than a minute for Coop Pank customers, and the card is ready for immediate use. It offers the same functionality as a traditional plastic card. Once added to a smart device’s digital Wallet, the virtual card can be used for purchases anywhere that supports contactless payments or displays the respective Wallet logo.

In addition to in-store payments, the virtual card can be used for online shopping, recurring payments, and contactless cash withdrawals at compatible ATMs. Customers can also link the card to the Coop Eesti app, allowing them to take advantage of personalized offers in Coop stores and make in-app purchases.

"Until now, only one bank in Estonia has offered a virtual card. With this step, Coop Pank becomes the second bank in Estonia to provide its customers with a more convenient and secure payment option," says Moonika Maaring, Head of Everyday Banking at Coop Pank.

"More and more customers prefer using their smart devices for payments. As a result, the need for plastic cards is decreasing, as they take up unnecessary space in wallets, have a negative environmental impact, and can easily be lost," she adds.

Enhanced security for users

Using a virtual card increases the security of cardholder data, as the card details are accessible only via online banking, the Coop Pank mobile app, or a smart device’s Wallet—all of which require additional authentication via password or biometrics. This significantly reduces the risk of card data falling into the wrong hands. As with plastic cards, users can set individual spending limits for their virtual cards.

No more waiting for a plastic card

This innovation also benefits customers who still prefer a physical payment card. Coop Pank customers can now start using their cards—including plastic cards—immediately after opening an account and ordering a payment card.

This means that customers no longer need to wait for their ordered card to arrive in the mail before they can start making transactions. Instead, they can add the card to their smart device’s Wallet via the Coop Pank app and begin making secure payments right away.

A more sustainable choice

The virtual card not only offers greater convenience and flexibility but also helps reduce environmental impact. Physical payment cards are made of PVC plastic, which has a significant ecological footprint due to its short lifespan and limited recyclability. Once discarded, plastic cards remain in landfills for hundreds of years. Since virtual cards require no materials or transportation, every digitally issued card contributes to a greener Estonia.

A free service for all customers

The virtual card is available to both private and business customers and is free of charge regardless of their banking package. Customers who already have a Coop Pank debit or credit card can easily link a virtual card to the same account and use it for travel, online shopping, or everyday purchases. Additionally, customers can open a separate account and connect it to a virtual card to minimize fraud risks.

Virtual cards can be conveniently ordered through the Coop Pank mobile app or internet banking. When applying for a debit or credit card, customers can immediately choose between a virtual and a plastic card. Virtual card applications can also be processed at a Coop Pank branch.