Virtual cards are taking the world by storm. According to research, the virtual card transactions value will hit a total value of $6.8 trillion by 2026. B2B payments are the most significant drivers in this revolution, facing a virtual card payment growth of 363% between 2021 and 2026.
The trend comes as no surprise, considering the numerous benefits of computer-generated card payments. A virtual debit card, for instance, allows for fast, secure, convenient, and multi-currency online payments worldwide.
But many people still wonder if it’s possible to create a virtual debit card.
This article covers everything you need to know about owning a virtual debit card and how to get the best option for your operations. Read on to unlock the secrets to a more convenient payment option.
What Is an Instant Virtual Debit Card?
A virtual debit card works the same way as a traditional debit card. The only difference between the two is that a virtual debit card entirely exists online, and you can access it using your bank’s app or other payment apps on your phone.
In most cases, your virtual debit card provider will give you a randomly generated number to use for contactless shopping through your phone or online.
If the number has been manipulated, you can quickly cancel your virtual card and create a new number without losing your account.
Finding the Best Debit Card: Go Virtual
If you’re looking to create a virtual debit card, there are three main ways to go about it. You can choose between a prepaid card, a digital wallet, or a digital bank card.
Prepaid Virtual Debit Cards
The first type of online debit card is a number you can use for secure online purchases, typically linked to your prepaid account.
These numbers remain active for a limited period or only support payments on specific websites. They’re the best option if you want to be preloading cash into your virtual card for shopping.
A Digital Wallet Virtual Debit Card
They’re a virtual version of your plastic debit card, which exists in your digital wallet (banking apps, Google Pay, Apple Pay, etc.).
You access the card via the app and perform contactless payments (holding your phone up to a card reader) anytime, anywhere. Also, these cards allow for cash withdrawal at card-less ATMs.
A Digital Bank Virtual Debit Card
Most digital banks assign virtual debit cards immediately after approval. Thus, enabling access to your account instantly while waiting for your physical card.
They come with a number different from your physical card’s codes for easy cancellation in case of compromise. This option is more suitable if you intend to use the account for expenses and savings.
What to Consider in a Virtual Debit Card Provider
Ensure that you understand and are comfortable with the type of services your issuer offers before committing.
The best virtual debit card should be compatible with your existing software and offer multiple spend control options. Also, finding a virtual debit card that supports employee reimbursement will ease your processes and save you much time.
Create a Virtual Debit Card and Control Your Payments
The developments surrounding digital banking are an excellent win for businesses globally. They’ve reshaped how corporates view business cards and online transactions.
Having a virtual debit card is one of the best ways to ease your operations and speed up your transactions. So, create a virtual debit card for your business, and enjoy the security and convenience that comes with the option.
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