Ideal for international paymentsĭid you know that the average international transaction fee is around 3%? This kind of charge can add up fast, especially if your business involves making frequent international payments. They are also an attractive option for businesses who provide staff with personal spending limits, as well as parents who want to limit their children’s online purchases.
VIRTUAL DEBIT CARD PROFESSIONAL
Virtual debit cards are popular with professional gamblers and esports players who wish to set specific spending limits for themselves. Virtual cards are a popular choice for certain kinds of spending activity because you can control how much is spent on the card. Learn about the Xace virtual debit card Set spending limits A virtual debit card gives you the ability to create an account, make a purchase and cancel the card immediately – with no strings attached. You might be buying something from a website you don’t fully trust, making a one-off purchase that you don’t want to appear on your regular bank statement or some other reason.
There are several scenarios where you will only want to make one or two purchases on a card.
That means you can start spending in no time at all and they're accepted by all major payment processors. The card doesn’t need to be physically ‘made’ – you simply view the card details in a matter of minutes. And if you order the card before a long weekend or from abroad, you could end up waiting the best part of a week before you can start spending.īy contrast, virtual cards usually arrive immediately after your application is complete. Besides creating the card itself, the issuing company may also need a couple of days to verify your identity. Physical debit cards will typically take at least a couple of days to arrive on your doormat in the post. This simply would not be possible with virtual debit cards because there’s no way criminals could make a physical copy of the card itself. For example, account theft is the third most common form of e-commerce fraud whereby criminals steal your debit card and make online purchases without your knowledge. Unlike traditional debit cards which criminals can steal or clone, virtual debit cards are almost impossible to interfere with. One of the most attractive features of virtual debit cards is that they are virtually impossible to steal or copy. Here are seven reasons to use one: Safety and security for payments 7 reasons people use virtual debit cardsĪ virtual debit card can be used whenever you shop online or for payments using your mobile. Then, with accounts like Xace, you can log in to manage your money from your computer or smartphone.īut why would you use a virtual debit card? Here are some of the most common reasons that people choose them.
When you apply for a virtual debit card, you will receive an email containing the card details. And of course, you can’t withdraw cash from an ATM using a virtual card. You aren’t, however, able to use a virtual debit card for certain kinds of in-store purchases that require chip and pin.
VIRTUAL DEBIT CARD CODE
You get a 16-digit card number, an expiry date and card security code and these can all be used to make purchases online (and in some cases, using your mobile). It provides you with an account where you can add money and it allows you to pay for many services in much the same way as a plastic debit card. Why would you want to use a virtual debit card, and how can you go about ordering one? What is a virtual debit card?Ī virtual debit card is essentially a digital version of a traditional plastic debit card. Unlike the plastic rectangles you carry in your purse or wallet, virtual debit cards exist only in a digital form on your phone or online portal. However, the finance industry is continually innovating and in recent years we have seen the emergence of ‘virtual’ debit cards. One site reported that between 20, the number of payment cards active in Europe increased by almost 85 million.ĭebit cards were first introduced in the 1980s and have gone from strength to strength. Debit cards are by far and away the most popular way of spending money in Europe.
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