What is a Virtual Debit Card and Why Should You Have One?

Virtual debit card
Virtual debit card

Virtual debit cards are an example of an innovation in which the card is not even required to be carried. Everything is done online, so there is no need to worry about carrying the card carefully or protecting it from theft or loss.

In this blog, we’ll talk about virtual debit cards and their advantages.

What is a Virtual Debit Card?

A virtual debit card is a digital form a physical debit card. It contains all of the information found on a physical debit card. The bank provides it to the user via a banking mobile application. Virtual debit cards function similarly to physical debit cards in terms of making purchases, purchasing goods or services online, and so on; however, they are limited to places where chip and card swiping is required. Here are the specifics of a virtual debit card:

  • Name of the card holder
  • 16-digit debit card number
  • CVV number
  • Card expiry date
  • Type of debit card
  • Transaction settings

A virtual debit card can be used through the mobile application of the respective bank. Although the card cannot be swiped or tapped, it can be used to pay for online purchases. Virtual debit cards cannot be used to withdraw money from ATMs or in-person stores.

A bank’s mobile application enables a user to access various services related to a virtual debit card, such as upgrading a debit card, setting a transaction limit, and so on.

Benefits of a Virtual Debit Card

Following are the reasons to start using a virtual debit card-

Safe to use

A virtual debit card is unquestionably safe to use because it is protected by a mobile application password and a digital medium. Unlike traditional debit cards, virtual debit cards are not susceptible to theft, loss, or cloning and cannot be imitated or copied in any way. Virtual debit cards can be blocked if they are exposed to a shady website or if the card details are tracked by hackers.

Activated cards

Unlike a physical debit card, which must be activated through an ATM, phone call, SMS, or other means, a virtual debit card is already activated to use. It does not need to be activated before a user can begin using it for a variety of online services.

Can be blocked anytime

A virtual debit card can be blocked at any time if a user suspects misuse, as opposed to a physical debit card, which must be blocked by contacting a bank or a bank’s service centre. In the case of a virtual debit card, the user can simply block it by logging into the mobile app and selecting the block option.

They provide offers

Virtual debit cards provide access to a plethora of online deals on food, shopping, and restaurants, among other things. Bonus points can also be earned with a virtual debit card and redeemed online via the bank’s mobile application.

Miscellaneous Advantages of a Virtual Debit Card

Apart from the aforementioned benefits of a virtual debit card, there are a few other advantages to having one.

  • A virtual debit card transaction limit can be set by the user
  • Virtual debit cards are ideal for international transactions
  • It is ideal for parents who want to limit their children’s spending
  • Because a virtual debit card is stored in the mobile application, it cannot be stolen, lost, or used online
  • They can be digitally carried
Is it necessary to pay a fee to obtain a virtual debit card?
No, banks do not charge a fee to use a virtual debit card.
Is it safe to use a virtual debit card?
Yes, virtual debit cards are safe to use because they include a CVV number, a 16-digit debit card number, the cardholder’s name, validity, and other information. These credentials are only accessible to the user of the banking mobile app.
Where can I get a virtual debit card?
A virtual debit card can be obtained through a user’s banking mobile application.
Is it possible to set a transaction limit on my virtual debit card?
Yes, a user has the ability to set a virtual debit card transaction limit.
Is it possible to block my virtual debit card?
If a user suspects any unusual activity, he or she can block his or her virtual debit card through the banking mobile application.
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