A virtual card is no different from a physical one... well almost. Such a card does not necessarily have a plastic carrier and is designed for online or mobile payments as well as for ATM cash withdrawals. All other functions of the card are preserved: you pay, make transfers, receive money from other people to the card account.

 

The features of virtual cards

A virtual card is issued digitally as soon as it is ordered, so it can be immediately used for making payments within the set money limit. To learn more about the specifics of virtual cards and how your company can get it, visit https://wallester.com/cards/virtual-card.

Virtual cards are also issued by Visa or MasterCard, but these products have a shorter life than plastic cards.

On average, a digital card is valid for 2-6 months, while the maximum validity is 3 years. Such cards have their own details, and the amount on the account is usually limited to a small limit.

So it's safe to use the card for online payments and purchases: you transfer a certain amount from your primary card to the digital card and pay for a product or service. So you don't leave your main bank card details anywhere.

 

Advantages of virtual card:

  1. Security is a major plus of digital cards. You minimize the risks of "leaving" your bank details in an untrustworthy place when making online payments. If fraudsters try to charge your virtual card, they won't have access to your main account. Even if they "steal" money from the number, they will only be able to do so within small limits.

 

To make online payments even safer, can issue several virtual cards for different purchases. In addition, receiving transfers from strangers with a virtual card is also much more secure.

 

  1. Versatility - Like any payment card, a virtual card helps you pay for goods and services on the Internet around the world thanks to international payment systems. It's much more convenient than shopping with online wallets, through which payments are not everywhere.

 

Disadvantages of virtual cards

To be honest, there are practically none. This can include small limits on payments and transfers, but when security comes first, then the limitations are pushed into the background.

 

Also to the disadvantages someone may attribute a limited validity period. But the virtual card is issued in minutes, so you can quickly issue a new one when the terms expire.

 

The last disadvantage is a little more weighty - the inability to withdraw cash from ATMs and pay in conventional stores.

But you can find a way out of this situation as well. For example, upload a virtual card to Apple, Samsung or Google Pay applications, and then you can pay with it in any place that accepts contactless payments with your smartphone or find an ATM machine that accepts contactless withdrawal.