Now is the age of digital booming. Rapid advancements in Information technology are making our lives more effortless than ever.
Every sector has started to branch out its e-commerce wing to reach a more extensive customer base. And payment process is an integral part of doing business.
An easy and secure transaction is essential for both the service provider and customers. Debit cards, credit cards, and other online payment methods play their part in completing the transaction.
Upon making an online purchase or fund transfer, a debit card or credit card holds the information for processing the payment.
Unique debit card number, expiration date, and CVV code help the gateway recognize your bank account and process payments.
Virtual Debit Card
A virtual debit card is a debit card without its physical existence. You will still have a debit card number, expiration date, and CVV to make an online payment.
Virtual cards are issued by banks, usually free of charge or at minimum cost. Users can get access to virtual cards with unique user IDs and passwords.
You can log in to the bank’s website or mobile application for virtual card information.
The information on the virtual card is –
- Name of the cardholder
- Debit card number (16 digits)
- Card expiry date
- Type of debit card
- CVV number (3 digit code)
- Name of the bank
The benefits of a virtual debit card are that they are safe from physical theft and secured with a unique password.
You can access virtual debit card information with a compatible device and an internet connection.
Virtual debit cards can be activated and blocked anytime.
Users have more control as they can activate and deactivate different payment methods or set transaction limits as they wish.
Special offers and reward systems are some added benefits.
How to Use Them?
You can apply for a virtual card with your debit account information, and most banks give instant approval.
Application for the virtual card is submitted through the device’s wallet app, bank application, or bank’s website.
Once approved by the bank, you can log in from any location with a unique user id and password.
With the virtual debit card information, you can make online purchases and pay offline merchants who accept virtual card payments.
The payment process is similar to debit cards or credit card payment methods. All you need is a debit card number, card expiration date, and the three-digit code(CVV) at the back of your card.