You know, there was a time when people used to use salt as a currency. With the turn of events, the currency had been shaped in many forms. Even after getting shifted toward pieces made of paper, the shifting has been continuous as always. And with that paradigm shift, this time the currency is getting invisible. In this article, we would go through all the ins and outs of that invisible currency also known as a virtual credit card.
What is a virtual credit card?
A virtual credit card is a service from the end of the credit card provider. It’s an online credit card that can’t be physically issued. This service is provided to the consumers so that they can purchase products or services through this without the fear of losing the original credit card. This kind of credit card is mostly issued for the people who have got a credit card physically.
This virtual credit card is mainly temporary and randomly generated a 16 digit number. This number is used for making online payments in the E-commerce sites mostly. This card is directly linked with the original credit card sometimes. However, the number of temporary credit card is designed difficultly so that it can avoid the fraud cases which can easily happen with the physical credit card.
How to use it and where it is used?
Virtual credit cards are managed through digital wallets like Apple Pay, Google Pay, Samsung Pay, and many more. The procedure is quite simple. All you have to do is to input the temporary credit card number while purchasing any product or service. This would help you to directly link with the original credit card and will be recorded as a transaction in your credit card history. The expiry date of the virtual credit card is way too soon so it’s too difficult for the unscrupulous online vendors to set their trap.
The purpose behind having a virtual credit card is to mitigate some major issues which are possible with the physical credit card. In the first place, a virtual credit card doesn’t require any space or any count. It’s automated and all the way ready for exchange. Then, the virtual credit card offers you to purchase products or services overseas. So, you can go beyond your border to purchase your necessary material.
With the help of a digital wallet, you can use it anytime, anywhere. All you need to do is to have your credit card number ready and you’re good to go. A virtual credit card was designed for avoiding fraud cases. Due to the usage of a virtual credit card, a remarkable percentage of reluctancy has been seen in the online platform. People are way more secured than they were ever before.
Procedures in a nutshell for getting a Credit Card
- You have to have a physical credit card in the first place.
- Download the virtual credit card issuer app or access through their website.
- You have to contact your credit card issuer or you can login to your online credit card account.
- Access to the account setting of your credit card.
- There will be some policies where you will have to agree in order to proceed further.
- You have to get the 16-digit number for using your credit card for online purchases.
- This will last for a short period.
- You have to go through the procedures from the bottom if you want to purchase after a given time period.
Cons of Virtual Credit Card
Virtual credit has been good in many aspects. Despite the goodwill factors, there are some cons too, for example- it’s not available for everyone. Most of the cardholders are habituated remembering their credit card number instead of pulling out their card again and again. In this case, most of the consumer finds it troublesome and avoids it. Although a virtual credit card is a safe option these days, still there remain some issues like excessive changes in the credit card number.
Finally, wrapping up the entire thing, you need to have a Citi card or an original credit card number. The credit card has to contain a certain amount of money. It also should have a good number of transaction records so that the card provider can easily verify your profile and avails the service for you. There are also third-party providers, but it’s not as much reliable as the original providers like Paypal, Entropay, Google Pay, and the others.
Thus, getting a virtual credit card can be sure to save for your onward business activities. A virtual credit card saves a lot of time for which we don’t need to go for the extra mile. As long as, the procedure and the security are ensured from the issuer’s end – you’re good to go for using a virtual credit card.