In the last decade, the one word that has caught the attention of all is ‘Virtual’. From virtual dating to virtual payments, the era of physical is slowly but aggressively dying and thankfully, it’s all for the good.
Technology and digitisation are the biggest findings that has changed the way people think, work, express and transact. Yes! you heard us right, transactions have evolved from cash to card to the modern-day virtual debit cards.
Further, the pandemic has taught us the important of contactless activities and technology has gifted us contactless credit and debit cards.
How does these cards work?
Virtual cards are cards without any physical identity, they hold a 16-digit card number, used to pay for a single transaction at a determined amount. It holds all similar information to a physical debit card, like the name of the card holder, 16-digit card number, Expiry date, CVV number and transaction sceneries. This simply means that now to make digital or any other kind of payments, you just need your mobile phone.
Unlike a physical card, here you can set your own expiry date limits. You can use this to pay anywhere, anytime across borders and in multiple currencies. So, next time you go on a trip, you do not need to carry a wallet full of cards. Isn’t that real freedom.
How can companies benefit from instant virtual debit card?
From marketing to procurement, every team requires money to function, the finance team usually issues these payments to these teams. based on the budget they present. However, the biggest challenge is to track the expenditure of this budget. The virtual debit card can solve this problem.
Companies can issue dedicated virtual debit cards to these teams; the teams will have to use the card to make any transaction. The company can track the real-time expenditure and calculate the ROI on the spends. Further, companies can set a transaction limit for every card and regulate the spending’s. This brings more transparency and answerability into company expenditures.
What are the other benefits of a Virtual debit card for any user?
- Safe to Use
We have all gone through the panic of losing a debit card or misplacing our wallet, the virtual debit card solves this herculean problem. The card is safeguarded by a mobile application password, thus the fear of losing the card or getting it cloned is absolutely solved. If you want to block the virtual card, then you can do so by simply using the application.
- Block and Activate instantly
If you suspect a treat, then you can block the card within 5 minutes. You do not need to contact the customer care teams and go through endless IVRs. Now when you get your new card details, you don’t need to undergo an activation process because once it is issued, it is already activated to use.
- Get good offers
Just like a physical card, you get points and offers on the virtual card spending. You can earn vouchers, offers and bonus points on these cards and you can redeem these points from the respective bank’s mobile application itself.
The Final Word:
Be it for company use or individual, virtual debit cand credit cards are going to be a game-changer in the digital payments segment. It will help in simplifying payments and manage cash flow better.
