Audience: Neo1 Admin | Primary Card Holder Purpose
The goal is to provide understanding of virtual Cards and how they function. Virtual Cards in Neo1 streamline travel booking and expense management, ensuring efficiency, security, and user-friendliness for travelers and organizations. They facilitate precise expense tracking, policy compliance, and detailed reporting, enhancing the overall travel experience and spend management in Neo1.
Overview
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: | Offer enhanced security with options for single-use or limited-use card numbers, reducing the risk of fraud and unauthorized charges. | 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. | Often have standard credit limits set by the issuing bank. |
| 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. |
Next Steps: Now that you understand virtual Cards. Let's walk through common use cases for virtual Cards.