Virtual debit cards are the easiest way for businesses to manage and track online expenses in real time. These cards are like ATM cards but exist only in the virtual form. The card is used for online transactions without the need to carry it around. This helps businesses protect themselves from online fraud, theft and losing the card. The biggest benefit for businesses that a business can apply for an instant virtual debit card online and then activate the one-time use virtual debit card feature, meaning they will expire after one transaction. Getting a virtual debit card is extremely convenient as there are platforms such as EnKash where you can apply to get an instant virtual debit card online in just a few steps.

A virtual debit card is like conventional debit cards and contains the below-mentioned information

1. CVV number
2. Cardholder’s name
3. Validity date
4. Card type
5. Debit card number
6. Transaction setting

Read ahead for detailed information about a virtual debit card and how to get an instant virtual debit card online.

What Is a Virtual Debit Card?

Virtual debit cards are a perfect alternative to physical debit cards as they are extremely convenient and secure for all transactions. In addition, you can connect your account in the bank with virtual debit cards and use them to make online purchases or other transactions that can be made with a physical debit card.

Usually issued by financial institutions or banks, you can also apply for an virtual card online. These virtual debit cards have additional features, such as setting spending limits or tracking transactions. To use a virtual debit card, you will need to link it to your bank account and provide the necessary information to complete a transaction. For example, companies often transfer a certain amount to the linked business account in bank with virtual debit card, which reflects in the overall balance. Some virtual debit cards may also require you to provide additional authentication, such as a one-time passcode or biometric information.

You can apply for an instant virtual debit card online from your preferred platform to avail the benefits mentioned below.

Benefits of a Virtual Debit Card for Businessess

These virtual business cards offer immense benefits to organizations. Considering these are digital cards, they are environmentally friendly and safe to use. Here are the key benefits of virtual debit cards for companies:

1. Extra security layer

Virtual debit cards are unique, extremely secure, and can be used as a one-time debit card. This practice makes the transaction more secure as it helps prevent fraudulent activity and reduces identity theft risk.

2. Ease of convenience

Virtual debit cards can be easily created and used online, which makes them convenient for businesses that need to make frequent or large payments. They can also be used to pay employees or contractors remotely.

3. Excellent cost savings

Virtual debit cards can help businesses save money on fees associated with traditional debit card transactions, such as ATM or international transaction fees.

4. Greater control

Businesses can limit the amount of money spent with virtual debit cards, helping prevent overspending and enabling better budgeting and financial planning.

5. Enhanced tracking and reporting:

Virtual debit cards can give businesses greater visibility and transparency into spending, enabling them to track expenses and analyze financial data more effectively.

6. Block it at your convenience

To block the physical debit card, you must connect with the respective bank’s customer service or apply for it via the bank. Whereas for the virtual debit card, you must log in at the provider platform and block it. You can block the card within minutes if you suspect unauthorized spending or activity.

7. Discounts and offers

Before applying for an instant virtual debit card online, you need to check the exclusive offers provided by these lenders. Multiple platforms offer various additional services, discounts and offer on various items, including food, dining, and shopping. At times, users also get points which can be redeemed to score more discounts on stores or items. This varies as per the card providers.

8. One-time use virtual debit card

In case you want more safety during transactions, you can enable the one-time use virtual debit card feature. In this, once the transaction is initiated, the debit card will expire, and you will apply for a new instant virtual debit card online.

8. Instant virtual debit card online

Unlike physical debit cards, you will not have to visit the bank or apply for the card and wait weeks to get it delivered to your address. Instead, you can easily get an instant virtual debit card online in simple steps. There are various banks with virtual debit card offers; however, you must compare these exclusive offers and read the terms and conditions thoroughly before applying for one.

9. Resolve all the issues online

When you apply for an instant virtual debit card online at a platform, you get an account from where you can track all the expenses and raise queries if needed. You will not have to visit banks with virtual debit cards and then complaint and then wait for days to get answer.

Now that you know the multiple benefits, let us find out how you can apply for an instant virtual debit card online and how EnKash can help you with it.

Steps to Get Instant Virtual Debit Card Online

Applying for an instant virtual debit card online is easy and saves extra time and effort. The first step to applying is to find the right financial institution that provides ease of service, convenient access, and exclusive discounts or offers, if any. Once you have confirmed the institution, here are the steps that you must follow:

1. Install the mobile application of the virtual card provider
2. You can apply for a card on your existing bank account or create a new one per your requirement
3. Explore the debit card option on the platform
4. Check the processing fee, compare it with other providers, and pick the one that suits you best
5. Fill in the required information as per the provider’s website
6. You may have to fill in the financial and personal information and verify your identity and link it to your bank account
7. You will be given the CVV and other details and then must activate the virtual card by setting the pin or password
8. Once it is activated successfully, deposit the money in the account and enjoy the cardless transaction

Various organizations provide instant virtual debit card online, such as EnKash. In addition, the spend management platform offers virtual cards that businesses can use to initiate transactions and track spending in real time.

Apply for an Instant Virtual Debit Card Online with EnKash

EnKash is a spend management platform that helps businesses track their overall expenditure and manage transactions such as vendor payments, rental payments, and more to optimize their financial performance. In addition, you can apply for an instant virtual debit card online at EnKash and enjoy the feature of cashless transactions without worrying about the fraud and identity theft that usually happens in the case of physical debit cards. Connect with us today!