What is a Virtual debit card?
A digital version of a regular plastic debit card is called a virtual debit card. Similar to regular debit cards, it allows you to create an account where you can add money and pay for services and your purchases. It also provides a 16 digit card number, an expiration date and unique security code that allows online purchases. However, certain kinds of purchases that require chip and pin cannot be made via this virtual debit card. You will also not be able to withdraw and deposit money via ATMs using your virtual card.
Benefits of using virtual debit cards
Your virtual debit card can be used while making online payments or certain in store purchases via your phone. Here are some of benefits of using virtual debit cards:
Easy and Fast
When you open an account, it takes up-to 10 days for your physical card to arrive by post. However, virtual cards are sent immediately once your application is complete. Since there is no requirement of making the physical card, you can easily view your card details in few minutes. In other words, you can start adding and spending your money via virtual debits cards as soon as your card has arrived.
There might be various reasons that you may want to make a one or two purchases on a particular card. This could be your one-off purchase that you want to avoid appearing on your regular bank statement, or you want to make purchases on websites that you do not trust. A virtual debit card can be easily cancelled after making a purchase immediately.
One of the most important feature of virtual debit card is its safety and security. It cannot be virtually stolen or copied unlike traditional debit cards. Where regular debit cards are copied via account theft and e-commerce fraud, virtual debit cards would be impossible to get copied.
Multiple cards can be issued
There might be times where your employees are required to make purchases on behalf of your company. It can be very hard to keep track of who made which purchases on a single card. However, virtual debits cards give you an option to request and issue multiple cards at once, so you can easily track who made the purchases.