Online virtual debit cards are great instances of innovation in which the card does not require to be carried. Every activity can be done online, and thus there is no reason to carry any physical card. Thus, the card is safe from the chances of loss or theft.
What is an online virtual debit card?
An online virtual debit card operates in a digital mode, and no physical debit card is given to the consumer. This usually contains all information found on the physical debit cards. The concerned bank provides the user with a mobile application that has an extremely user-friendly interface. The online virtual debit cards usually function similarly to the physical debit cards when making any online purchases – products or services. However, the acceptance of online virtual debit cards is limited to those places where card and chip swiping is mandatorily required.
The specifics of an online virtual debit card are as follows:
• Card holder’s name
• Number of the debit card (16-digit)
• Card expiry date
• CVV number
• Debit card type
• Transaction settings
A virtual debit card can be used with the help of a mobile application of the concerned bank or financial institution that issued the card. Although this card cannot be tapped or swiped, this can be majorly for various online purchases. Online virtual debit cards cannot be used for withdrawing money from ATMs or purchases in offline stores.
The banks that offer online virtual debit cards offer very dynamic mobile applications that enable the users to access different services related to an online virtual debit card. Examples of these features include opting for the debit card upgrade, setting up a specific transaction limit and many more.
What are the major benefits of an online virtual debit card?
The major benefits of using an online virtual debit card are:
• These cards can be safely used with the least chances of theft and loosing.
• These cards are already activated when you receive them, unlike the physical cards that need to be activated by visiting an ATM.
• These cards can be blocked anytime and thus offers extra security.
• Online virtual debit cards provide lucrative offers very often.
So, on your online virtual credit card today and enjoy the benefits thoroughly.