There have been many great financial technology developments in recent times which are changing the way in which people use money. One product which should certainly be considered by anyone that likes to shop online and also by businesses is a virtual card, which can help to improve safety and this is key in a time where cybercrime and identity fraud are on the rise.
Virtual Cards Explained
So, what exactly is a virtual card? Essentially, these are not actual physical cards but instead a temporary credit card number that is linked to the holder’s account that they can then use for online purchases and transactions. Due to the fact that it is a temporary number, this means that it cannot be traced back to the original credit card, bank account or identity of the holder. This increases security and can prevent both online hackers and deceitful merchants from accessing sensitive data.
Why Use Virtual Cards
Cybersecurity, identity fraud and data security are all major issues in today’s day and age and it is vital that consumers know how to protect themselves. Virtual prepaid cards can be one of the smartest ways to do this and provide peace of mind while shopping online or completing online transactions. Typically, virtual cards are only valid for a specific time period and there are maximum credit limits and any remaining amount will automatically transfer back into the original account once the time limit has expired. As they are non-physical, it also means that they cannot be cloned so they are incredibly secure.
Suitable for Consumers & Businesses
These cards will provide an additional layer of security when completing online transactions, which is smart in a time where people are buying so much online and even products that they previously bought in-store due to the pandemic. They are also useful for businesses as a way to perform large-scale supplier payments, which can also greatly speed up invoice payments while increasing security so they can be useful for corporations too particularly those that have many suppliers to pay each month.
Virtual cards are increasing in popularity, which is smart in a time where there are many concerns over cybersecurity, identity fraud and data security all of which are on the rise. Virtual cards allow consumers and businesses to complete online transactions with peace of mind using a temporary credit card number which protects their identity and increases online security.