What is a virtual debit or credit card?
Virtual debit and credit cards do everything that a standard card does—they just live in your digital wallet instead of your physical one. Secured by encryption, they are safe and easy to use, making electronic payments quick and effortless.
What is virtual banking?
Virtual banking is similar to in-person banking, except that everything’s done through a mobile app or website.
Payments, transfers, and other banking operations are managed digitally, with customer support available via chat or phone. Virtual banking has disrupted the finance industry, giving customers 24/7 access to online transactions, as well as digital and contactless payments in stores with a virtual debit or credit card.
What are virtual debit and credit cards?
A virtual debit or credit card is a digital alternative to a physical bank card. Also known as electronic cards, they are stored in a digital wallet via a mobile bank app. Most virtual cards can make the same transactions as standard cards, including online purchases, contactless store payments, and ATM cash withdrawals.
How do virtual cards work?
Virtual cards are just like normal cards, they’re just digital instead of physical, existing entirely on your smartphone. When you open an account, you receive a virtual debit card right in your banking app, which can then be linked to Apple Pay or Google Pay.
You can use this card number to shop online, transfer money, or make contactless payments in stores by holding your phone up to the card reader.
Some ATMs also allow you to make withdrawals via your virtual card.
Virtual cards benefits
Virtual debit and credit cards are secure, simple to use, and save you the stress of having to carry your wallet around. Also, they’re easy to lock right from your phone if you are worried that your account has been compromised.
They’re also available for use instantly, unlike physical cards.