Do you also have a credit card? Then this article is for you. Have you ever heard about Virtual Credit Cards? Today we are going to discuss it. While technology has made us smart, on the other hand, it has also taught us to do any work smartly. The best example of this is the transaction process happening in today’s time. While on one hand, online payments have made transactions easier, on the other hand, it has also seen an increase in online fraud. In such a situation, we now have the option of a virtual credit card to reduce this risk. We will tell you about this card in detail below.
What is a Virtual Credit Card?
A virtual credit card is similar to a physical credit card. This card is mainly designed to make online payments. This card is issued by the bank. Explain that this card is linked to your physical credit card account. This card has a temporary number. Through this number, you can do shopping, etc. on the online platform. This card gives security to your shopping and card details on a layer.
To create 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 service are also different in every bank. If you want to get a virtual credit card, you can easily generate it by visiting the bank’s portal or OP.
How it worked?
Virtual credit cards come with advanced security features. As soon as you generate this card, you will get details like a unique card number, CVV, and expiry date like a physical credit card. The number on this card is temporary. Usually, this number is valid for single payment or 24 to 48 hours.
You will have to provide the details of this card while shopping or paying online. After which the payment amount will be deducted from your physical card or bank account.
Advantages of Virtual Cards
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 an extent.
While shopping online with this card, you can easily pay by generating card details instantly.
Disadvantages of Virtual Cards
You can use only a few services through this card. This card is made for even payment while shopping online. Through this card, you cannot use in-store purchases or other services.
Its validity is very low. In such a situation, you may need to generate card details again and again.
One disadvantage of this card is that all these online merchants do not accept the payment of this card. In such a situation, you may have trouble making online payments.