Last year there were almost 2 billion people worldwide purchasing goods online and the trend is to go up every year. With so many people shopping online on their smartphones, virtual cards are yet another innovative step in the future of banking.
What is a Virtual Card?
A Virtual Bank Card is a special card that is meant to be used for online payments. Traditionally people have been using virtual cards provided by their banks that have been difficult and clunky to use. Luckily, the new wave of virtual cards are digital only and easier to operate. When you’re shopping with your virtual card, it’s less risky because you’re keeping the data off your main bank card secure.
The electronic virtual card doesn’t have a physical form (there is no plastic with a magnetic stripe and a PIN code) and can be created quickly online. Most of these cards are prepaid and you can top it up anytime. You can also store your virtual card in your digital wallet like Jeton and manage it directly from the app.
What are the advantages?
- Convenience – you can register from anywhere, anytime
- You can freeze (block) your card anytime and unfreeze it
- Safer when shopping online – your virtual card can prevent hackers from scraping sensitive data from merchant websites. However, this doesn’t mean you don’t have to be vigilant when purchasing goods online.
- The ability to only put money as much as you need so you can control the spend
What are the disadvantages?
- There are some deposit and withdrawal limitations.
As you can see the advantages of having a virtual card are much more and the future of banking technology holds lot of promise. Here in Jeton we believe having a virtual card in this day and age is a must.