What are virtual cards?
Virtual cards, also known as digital or virtual payment cards, are a modern payment solution that exists only in a digital format. They are not physical cards like your traditional credit or debit card.
How do virtual Cards work?
Virtual cards work by generating a unique set of card details, including a card number, expiration date, and security code, typically for a single transaction or for a limited time.
How do virtual Cards differ from Physical Cards?
|How They Differ||Virtual Card||Physical Card|
|Form:||Digital - typically as card numbers, expiration dates, and security codes||Tangible, plastic cards - issued by banks or financial institutions.|
|Security:||Are susceptible to loss, theft, or skimming, requiring additional security measures.|
|Issuance Time:||Generated instantly, making them ideal for last-minute transactions.||Typically require mailing and activation, which can take days or even weeks.|
|Expense Control:||Can have predefined spending limits, making them suitable for specific purposes or budgets.|
|Environmental Impact:||Contribute to a more sustainable approach by reducing the need for plastic cards.||Contribute to plastic waste and require card production and distribution.|