Let’s say you’re having a massive online shopping spree today, and then you realise your debit or credit card is nowhere to be found. But you have to make this purchase immediately. You’d feel trapped, right? Well, virtual cards can help you with your problem. We all want our money to be safe, easy to use, and easy to access as well. As the name probably tells us, the Virtual Card is awesome for online use and making online payments. It can save you against fraud and make checkouts much faster and easier.
Here, we will examine Virtual Cards and their various benefits for making your online shopping experience simpler and easier. So, read on!
What are Virtual Cards?
A Virtual Card is simply a virtual way of paying online without using an actual, physical card. A virtual credit card does this by giving you a unique 16-digit number that your bank or financial service generates and then links it to the bank account you already have. When shopping online, you will have to input that virtual card number and its expiration date and security code like you would while using a regular card.
These virtual cards also work exactly like a physical card. These cards consist of the cardholder’s name, card number, CVV, and expiration date. These cards are mainly issued by banks, financial institutions, or the companies that offer payment services. Virtual cards can’t be physically lost or stolen like metal or plastic cards, so they are more secure.
Some of these virtual cards let you transfer only the amount you need for spending and allow restriction in their use to a particular merchant or specific category, like not allowing the card to be used for spending on gambling, etc.
Benefits of Virtual Cards for Shopping Online
There are various advantages that virtual cards offer to people who prefer online shopping. These are –
- Convenience
Virtual cards are undoubtedly very convenient. No searching through one’s bag to get them, no worries that they might get lost, and this is because they’re simply there in the mobile app. Easy creation and deletion of virtual cards as and when required serve to give you greater flexibility and control over spendings.
- Increased Security
Since they are not physical, virtual cards cannot be lost or stolen, making them much more secure. One of the biggest advantages of these cards is how easy their cancellation is, keeping your account even safer. If a physical card is lost or stolen, it could take at least a couple of days to cancel it. A virtual card can be instantly cancelled right through the mobile app on your phone.
- Better Control of Finances by Spending Management
You can set a specific spending limit, which can help you control your spending. It can even create virtual cards for, say, a particular purchase. Thus, it gives you better control over your finances. Using these cards, you are equally safe from fraud. A fraudster would not be able to spend more money than you have set for a card, which makes it safer.
- Instant Virtual Card Creation and E-commerce Convenience
Virtual cards are quick to obtain. While physical cards take days, virtual cards are ready within minutes; sometimes, they are even ready in seconds. You can make them through your bank’s app or through a virtual card service. Also, online shopping is also easy by using virtual cards. They let you shop on international websites with much ease.
- Easy Blocking & Security
Security is enhanced because no details are shared online with the use of virtual cards. You can block any suspected unauthorised access easily. All you have to do is log onto your card issuer’s website or app to block them within seconds.
- Digital Wallets for Simplifying Payments
Mobile wallets, otherwise known as digital wallets, have redefined the way we deal with money with their levels of convenience, security, and ease. They eliminate physical cash, cards, or any other substitute for carrying cash in wallets. Such e-wallets provide easy in-person payments by using virtual card credentials, such as Apple Pay or Google Pay or Samsung Pay.
- Record Keeping
Virtual cards make it easy to track spending. You can see your transaction history, check balances, and get real-time alerts for purchases made with the virtual card.
Conclusion
Virtual credit cards use digital payment technology to provide enhanced security for account holders. However, they may not suit everyone, especially frequent shoppers at physical stores. Understanding your shopping habits can guide you in selecting the best payment option for your needs. Happy Shopping!
