Virtual credit cards – What? How? Why?

25 Jun 2021

Looking back, we’ve seen a progression in our methods of payment. Virtual credit cards seem to be growing in popularity, and it’s no surprise. Such cards have a lot of features that users will benefit from and offer a better shopping experience. 

What’s a virtual credit card?

It’s pretty self-explanatory: a virtual credit card is a non-tangible credit card that you can use while shopping online, or sometimes even in-store. The purpose behind virtual credit cards is to protect your account number, through added security that physical credit cards cannot offer. Virtual credit cards, also known as electronic cards, are stored in your phone’s e-wallet, provided by a mobile banking app. They also have the same uses as normal credit cards: online purchases, contactless store payments, and ATM cash withdrawals. Electric credit cards are issued by Mastercard, Visa, or American Express, and are usually accepted anywhere. 

How? 

Once downloading a mobile banking app, you will receive a virtual debit card in your app, which will be linked to a bank account so that you’ll be able to top it up with money. 

Why?

  • Ease of use: Virtual credit cards work in the same way as regular credit cards, so there’s nothing new to learn or anything to worry about. As previously noted, it’s very easy to get a virtual credit card. This is one of the latest fintech around, so it’s expected to continue growing in popularity and use. However, if you prefer to go old-school, or just prefer to have a tangible credit card, you can do so by ordering one with the click of a button. Most companies will send you a physical credit card to your home for free or for a small fee. 
  • Easy to find: Do you know where your phone is? Grand, you know where your credit card is as well! The virtual credit card is stored in the e-wallet that comes with the mobile banking app, so you’ve nothing to worry about losing it or misplacing it. If you’re worrying about what will happen to your credit virtual card if you lose or phone or it’s stolen, don’t worry. Virtual credit cards have added security. 
  • Security: This is probably the best feature of virtual credit cards – they cannot be cloned, they cannot be stolen and they require a pin or a fingerprint to function or confirm a payment. Most banking apps allow the user to freeze a card, in case it’s been compromised – meaning that no transactions would be possible using the card number. 
  • Accountability: Virtual credit cards allow you to always know exactly where your money is going as transactions are automatically logged into your card management system. 

You can download deVere Vault on your phone from the App Store or the Play Store to improve your shopping experience, benefitting from a number of features, including the virtual credit card option. If you prefer a physical card, deVere Vault also gives you the option to apply for one, which will then be sent to you.  Vault is a global money app that allows you to store, transfer and exchange currency to and from your account in real-time to any user or merchant.