The finance industry is continuously evolving and changing the way people do business for the better. One such innovation brought about in recent times is the advent of virtual debit cards.
While virtual debit cards work the same as traditional debits cards, featuring a unique 16-digit number, card verification number, and expiry date, they exist entirely in digital form without the need for a physical card to conduct transactions.
So why should you consider getting a virtual debit card for yourself or your business in place of the traditional plastic debit card? Without further ado, let’s review some of the compelling benefits that come along with them.
Increased Security
Perhaps the most appealing advantage of switching to a virtual wallet is the added level of security and fraud protection you get on your finances. As a card like this does not exist in physical form, it is virtually impossible to lose, steal or clone it.
Stolen debit cards are one of the most common identity thefts worldwide. Virtual debit cards diminish the risk of any fraudulent payments from your card as there is no way for criminals to make a physical copy of a digital wallet.
Manage Spending
Virtual debit cards are great to avoid overspending as they enable you to set your daily transaction limit. Each virtual debit card can have a different spending limit. By assigning a unique card for each area of your business, you can track spending and see where the money is going. That allows you to ensure there is no overspending and the finances remain within budget.
With each employee or department issued a different card, a quick look at the app will reveal the transactions made on each virtual card at any given time.
Cancel After Single-Use
There may be several scenarios where you do not want to make a transaction using a card tied to your permanent account. Perhaps, you do not fully trust the website and are suspect a data breach? Owing to their ease of convenience, you can create an account on a new virtual debit card, make a one-off purchase, and cancel the card immediately after the purchase is made. Consequently, you can shield yourself from online fraud, like Card Not Present (CNP) transactions or potential phishing scams.
Issued Instantly
Whereas physical debit cards take a minimum of 2-3 days to arrive, virtual debit cards get instantly created after completing your application. As they do not have to be physically made and be delivered, you can view your card details in a matter of minutes, which means that they are ready for use from the very moment. You may apply for one free of cost and without any annual fees from your bank.
Featuring all the benefits of a traditional debit card, a virtual card amalgamates flexibility, and convenience to provide an innovative way to make online transactions. Virtual debit cards are a safe and secure way to purchase your favorite products or services online while having complete control over your money.
