In today’s digital world, virtual credit cards have gained huge popularity. They are the digital form of everyday plastic credit cards. Customers can make use of these cards to carry out their online transactions.
A virtual credit card is the same as a conventional credit card that contains details such as:
- A card number
- Validity dates
A virtual credit card protects your credit card information and helps lessen the risk of exposing credit card information to any vendor or merchant. A virtual credit card offers multiple security benefits to users. Virtual payment cards can be used as many times as needed, so even if a company you have done business with falls victim to a data breach, you will not have to stress, as your account information will not be compromised. In addition, virtual cards provide much more flexibility to the user.
Here is a detailed guide about virtual credit cards and what makes them the best payment option.
How does a virtual credit card work?
A virtual credit keeps the physical credit card details of the users safe when the cardholder shops online. A temporary card number is created that helps to replace the 16-digit card number printed on the plastic card to ensure data safety.
In technical words, an operational number is generated the same as a plastic card number with an EMV chip. But there is no need to enter a 16-digit card number. Instead, you need to enter the generated number in the payment box. The only difference is that virtual payment cards have limitations regarding when and where they can be used. These limitations are applied to prevent data thieves from using credit cards.
Benefits of a virtual credit card
Let us look at some of the benefits of a virtual credit card highlighted below:
• Improved security– Virtual credit cards offer users a security advantage compared to physical cards. In addition, most virtual payment cards are valid for a specific time as these cards can only be used for online purchases, so the risk of digital fraud decreases
• Flexibility– You can use your current internet banking account to make payments utilizing a virtual prepaid card. It is more flexible than a real credit card because it can be made for any amount and used at any online retailer accepting credit cards
• Convenience- Virtual credit cards have no physical form. Instead, it contains important details, such as card number, CVV, cardholder name and more, which are available online, and you can easily access them through a mobile phone, so you don’t have to carry your physical credit cards anymore
• Easy cancellation- The virtual credit card provides a facility for easy cancellation to its customers. If you want to cancel the card, you can do it effortlessly through your smartphone
• Subscription management- Online subscriptions can be challenging to manage. It’s hard to find what you are being charged for and when renewals or upgrades happen. With virtual credit cards, you can manage all your online subscriptions
In addition, you can always use a new virtual card for a new subscription. That way, you can track your subscription in one place.
• Monthly budgets– You can set a monthly budget on your virtual credit card and give it to employees for their day-to-day expenses to track your monthly spending
• Single purchases– Suppose you are purchasing a single product, which may be a promotional product. In that case, you can save your company’s card and use the virtual credit card, which may help for security purposes, and your company’s details will not be leaked
• Budget analysis- With virtual credit cards, it’s faster and easier to see exactly where the expense occurred and who spends how much can be easily tracked
How should one use a virtual credit card?
While shopping or purchasing goods with a virtual credit card can be a little tricky as opposed to using a normal credit card, it has gained huge popularity as it helps to protect the card user from identity theft and fraud. Here are some points that will make a virtual credit card much more helpful.
- You may need to log in to your account from the website to make the transaction using a virtual credit card
- Once you have signed in with a username or a password, you can generate a one-time password. After that, a unique credit card number will be generated automatically. In addition, you may be asked to set an expiration date for your virtual credit card
- Additionally, you can set a spending limit on your virtual credit card, which can be helpful when sharing your card with someone else. It helps in tracking all your spending
To enjoy the numerous benefits, you must get a virtual credit card at EnKash. EnKash is a spend management and cards platform, offering digital solutions to manage all your cards conveniently and spend on the go.
We make virtual credit cards available to you in two ways, that is, either by placing a request with EnKash or by linking your pre-existing card to EnKash. You can generate customizable virtual credit cards and instant virtual debit cards per the business’s needs and requirements. In addition, we offer the DIY advantage to our users to create, manage, and monitor virtual cards.
So, what are you waiting for? Get connected with EnKash and get your instant virtual debit card and credit card today!