26 Wetheral Road Owerri, Imo. Nigeria
26 Wetheral Road Owerri, Imo. Nigeria
A Virtual Debit Card card that can only be used online. It is not physical. As ridiculous as it may sound it exists. Technology has evolved greatly thereby affecting everything as well as making payments and purchases
A virtual debit card does the same job a physical card would do, only faster and more discreet. It means access to a convenient and efficient payment solution. Let’s get into what the virtual debit card is in detail.
A virtual card it’s not a physical plastic card you move around with. it is a set of 16 digits similar to a credit card number together we a CVV code that is randomly generated using the software. it can be either credit or debit cards
The virtual debit card is similar to the credit card the only difference is that the generated number is linked to an underlying debit account. The virtual numbers can be used to make purchases remotely but cannot be used to make in-person purchases.
Virtual and physical credit cards serve the same purpose of making payments, with one basic distinction between them – virtual cards are only available for online purchases.
In almost every other aspect virtual cards prove safer, simpler, and easier to control.
A virtual debit card is used to make purchases that are routed to the linked account and are deducted from the balance. However, it is impossible to trace the number back to the originating account or to access money by using the number.
You Should Also: How Many Credit Cards Should I Have?
A virtual credit card is a set of 16-digits that are randomly generated with a CVV code that can be used to make transactions or buy goods and services remotely.
Charges can be made with the card numbers online or by telephone but they cannot be made in person. When a card number is generated the charges are routed to the original virtual card number.
The virtual number cannot be traced back to the original card and it is also useless after it might have been used. Transactions made with the virtual credit card accorded to the revolving lines of credit but the underlying cards and may be charged with interest.
The randomly generated numbers are to secure the line of service from fraud this is why the number becomes useless.
Virtual credit and debit cards can only be used to make purchases via telephone and online if different from the plastic card you move around with you cannot take a natural number to a retailer and make changes with it.
Virtual numbers can be used online or via the telephone to make purchases from companies that accept major credit cards or debit cards.
They expire immediately after use and you can set up an expiration date to allow purchases for a couple of days and restrict further use by buyers. This is to prevent hackers from stealing and carting away your money.
Virtual credit card numbers are far from a perfect solution to online fraud. Here are many of the disadvantages
Bank of America, Citibank, and Discover offer virtual credit card numbers. Other major cards including Chase, American Express, CapitalOne, and Paypal either do not offer the service or have discontinued
You should not use virtual credit cards when you need to physically pick up an item because the virtual account number will not match the number on your card and it can be a problem in the long run.
This could also be a hassle if you need to return a product: you bought on the virtual number which might have expired.
If you don’t set an appropriate time limit and payment limit, the vendor might put fraudulent charges anyway. And if that happens, the company will probably cancel your card and you’ll need to get a new account number anyway.
You don’t want to put your internet bill or mobile bill on a virtual account number that is going to expire before your card. You might forget to generate a new number and keep track of everything.
Virtual debit cards are used for several reasons here are seven reasons why you should consider it
Here are a few things to look out for in a virtual when choosing a debit card
Finally, select a card that works for you and your team. If you have an existing employee reimbursement program, choose a virtual debit card that works with your system.
Virtual credit and debit cards may be provided to you as a convenience from your business card issuer or bank.
It is a good idea for you to research the various offers from business card issuers and banks to find the offers that provide you with the greatest expense management tools.
You can read online reviews and credit card articles about different card issuing companies and look for those that offer virtual debit or credit card software together with strong business-friendly features for their underlying accounts and cards.
This can help you to enjoy more benefits in all of your purchasing and payment processes.
That’s not all on the Virtual Debit Card so before you venture into it make comprehensive research On the card as well as a card company. It’s awesome but that doesn’t mean it would work for you.
You can have the physical card and still make use of the virtual card.