In today’s time, we try to save as much time as possible. Technology has helped a lot in saving time. Yes, while technology has made us smart on one hand, on the other hand it has also taught us to do any work in a smart way. The best example of this is the process of transactions happening in today’s time. 15 years ago we had to go to the bank for transactions, but now we easily make online payments in a few seconds.
While on one hand online payment has made transactions easier, on the other hand it has also seen an increase in online fraud. There is a risk of credit card or debit card details and data being stolen. Even though we try to make payments in a secure manner, this risk still remains. In such a situation, now to reduce this risk, we also have the option of Virtual Credit Card. We will tell you about this card in detail below.
What is a Virtual Credit Card?
Virtual credit card is just like physical credit card. This card is mainly designed for making online payments. This card is issued by the bank. Let us tell you that this card is linked to your physical credit card account. This card has a temporary number. Through this number only you can do shopping etc. on online platforms. This card gives security to your shopping and card details on one layer.
To get a virtual credit card, it is mandatory for the user to have a bank account. This card is issued by the bank, so their features and services are also different in every bank. If you want to get a virtual credit card, then you can easily generate it by visiting the bank’s portal or app.
How does virtual credit card work?
Virtual credit cards come with advanced security features. As soon as you generate this card, you will get details like unique card number, CVV and expiry date like physical credit card. The number of this card is temporary. Usually this number is valid for a single payment or for 24 to 48 hours.
While shopping or making payment online, you will have to provide the details of this card. After which the payment amount will be deducted from your physical card or bank account.
Advantages of virtual card
- Due to the advanced security feature of this card, the risk of fraud is very low.
- If you want to schedule online payment, then this card will prove to be very helpful.
- With this, you can control expenses to a great extent.
- While shopping online with this card, you can easily make payment by generating card details instantly.
Disadvantages of virtual card
- You can use only a few services through this card. This card is made for sum payment while shopping online. Through this card, you cannot use in-store shopping or other services.
- Its validity is very less. In such a situation, you may need to generate card details again and again.
- Another disadvantage of this card is that not all online merchants accept payments through this card. In such a situation, you may face problems while making online payments.
Finally, this card is very beneficial for those users who are fond of online shopping. Yes, the advanced security feature in these cards reduces the risk of fraud. On the other hand, this card will not be that useful for those users who do not do much online shopping. Using this card beyond a limit may prove to be costly for them.
