What is a Virtual Debit Card and Why Should You Have One?

The virtual world has taken our world by a speed. In this ever-growing world, there is hardly anything that cannot be done with the help of the internet.

E-commerce has become an essential part of thing virtual world. Things like shopping, buying meat, making payments, etc. have become easier on the internet. It is all possible at the click of one button on our screen. 

Similarly, banking has turned towards the online platform. The physical card that we used to swipe at restaurants or petrol pumps or while paying for bills is now available on your screen. How? Well, you will get to know about it all in this article.

What is a Virtual Debit Card?

It is the exact same as your physical debit card, except for the fact that is present on your screen. It is an electronic or digital version of your debit card.

You don’t need to swipe your phone for making payment though. You simply need to input your 16-digit card number and the transaction is completed.

However, there is something special about a virtual debit card. It doesn’t have the same security limitations as that of a physical debit card. Every time you use your virtual card or input its number, it generates a different and unique number that cannot be traced to your original card. 

These numbers are different from your actual account number and help protect it by creating a new, one-time-use account number. 

Virtual cards are much more flexible than physical cards. They can help you generate new card numbers for different stores you shop at. You can also change the card spending limits according to your convenience. And while doing so, no harm is done to your account.

Details on a Virtual Debit Card

  • Name of the holder
  • 16-digit card number
  • CVV
  • Card Expiry Date
  • Type of debit card
  • Transaction settings

What is a Temporary Card?

This is the card that is generated when you are paying for a certain commodity. This card is called temporary because it can be changed by you whenever you want. 

Every time you create a new virtual card, a temporary card is generated which allows you to do transactions how many ever times you want and then delete it. 

This card is linked to your account in the sense that it can transfer funds to and from your account. However, it doesn’t intake your account number and keeps it protected. 

What is the Difference Between an e-wallet and a Virtual Debit Card?

E-wallets and virtual cards are essentially the same. But, there are a few differences that for a regular user stand out. 

Just like a virtual card, digital wallets too, generate temporary card numbers while doing transactions to help protect your account number and details. However, digital wallets store a virtual copy of your physical cards whereas, virtual cards are cards in themselves, generally without physical forms.

Some digital wallets have a restricted area out of which they cannot be used, or can be used only in certain stores. Virtual cards, however, can be used anywhere across the world, if you have enough balance in your account. 

Why Choose Virtual or Digital Cards?

  • Safe
  • Instant Activation
  • Can be easily blocked
  • Offers on food, restaurant, shopping, etc.
  • Specific transaction limit stops the users from over-spending
  • Ideal for international payments
  • Can’t be stolen
  • Can be carried everywhere
  • Several currency options
  • Faster payments

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Are Virtual Cards Safe?

In comparison with physical cards, virtual cards are safer. This is because the chances of you losing your card are very slim considering that it is on your mobile or PC. 

In a situation where you do somehow lose it, it is protected by a password that would have to be cracked to have access. It is also not directly linked to your account which means to actually enable transactions you would have to provide a biometric scan. This makes it almost impossible to hack.

But, if a situation arises that the card is somehow hacked, you can simply delete the card and create a new one without actually having to go to a bank. This would make it impossible for the hacker to lead the card back to your account.

So yes. Virtual cards are much safer than physical cards.

Are they Time-Consuming?

Compared to a physical card where the activation of the card itself may take up to a week-long, digital cards are instantly activated.

They also are not delivered to your homes, because of which the 2-week wait is reduced to a few hours. You don’t need to go to the ATM to activate it through SMS, call, etc. You can activate it sitting at your home within a few minutes with just a few clocks. 

So no. Virtual cards are not time-consuming. In fact, they are quite a bit faster than physical cards.

In conclusion:

Virtual debit cards are a great way to keep your finances organized and secure. They offer a high level of protection against fraud and theft, and they are easy to use.

If you are looking for a safe and convenient way to manage your money, then a virtual debit card is the perfect choice for you.

FAQs Related to Virtual debit Cards

Do I need to pay a fee to get a virtual card?

No, there is no fee that you need to pay to get a virtual card.

Where do I get a virtual card from?

The virtual cards are usually attained from the websites of the banks. You can physically go to a bank and get a virtual card as well.

Does the virtual card have a spending limit?

Yes. All virtual cards have spending limits. This limit is flexible and can be changed by you whenever you feel the need to do so.

Can the spending limit be changed on my virtual card?

Yes, The spending limits of virtual cards are flexible and can be changed by you whenever you desire.

Do I need a physical card to get the virtual card?

No. In most cases, you don’t need to have a physical card to get a virtual card. In some cases, however, you may require one so you should contact your bank to make sure.

Is it possible to block my virtual card?

Yes. It is very easy to block your virtual card. It can be done from the device that has your virtual card or by logging in to your account on the bank website and then blocking the card from there.

What if I don’t delete the temporary card and continue doing all the transactions through it?

You can do so, but it is advised not to. It doesn’t really affect your account, but you should create new cards every few months.

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