Nowadays, almost everything can be bought online. All you have to do is check out your virtual shopping cart and choose between paying the item now or paying it once it gets delivered. Of these two, the former appears to be the more convenient option since you do not have to be physically present once the parcel arrives. However, if you want to keep your financial information more secure, it is best to use Virtual Mastercards than the physical card that you got from the bank.
What Is A Virtual Card?
A virtual payment card is a pseudo debit or credit number that can be purchased online or through a mobile application. It works just like any other physical card; however, it gives an added layer of protection because you’re not directly releasing the information of your funding account. Some virtual card providers also provide an option wherein you limit your spending, thereby protecting you from splurging.
Since it works like any regular card, its providers follow the same regulations required by the Payment Card Industry Data Security Standard or PCI-DDS. To operate, companies offering this service should provide a rigorous security mechanism to ensure that their system cannot release information to others. This governing body also makes sure that the provider gets third-party audits on top of its internal audits to monitor proper financial management of the company.
Usually, a virtual card company will make you choose between Visa or Mastercard. Both methods of payments are accepted worldwide, and you will have no problem paying for your online purchase when you use these options.
However, Mastercard is known to offer better exchange rates sometimes, which means that you can save more when you’re purchasing something abroad. Additionally, Mastercard is more generous when it comes to promos and discounts. You will often see online merchants announcing that your total amount can be deducted if you use Mastercard.
How Does It Work?
Most services offering acquisition of virtual cards do not charge any fee to its clients. It makes money through interchange with merchants. When you do online shopping, the bank which pays the merchant can charge it for its service. This is also how virtual cards earn; you get the security that you need, but the merchant is charged for it.
How To Keep Your Card Safe?
Virtual Mastercards are generally safe to use. This company employs state-of-the-art technology which offers third-level protection on top of what is provided by your bank and your virtual card provides. It boasts of having an Identity Check program that helps in verifying that what you are paying for online is of your own accord.
However, in this day and age, you should always remain vigilant and do your best to protect your identity and financial assets. This can be practically done by not sharing your card information and code to anyone. Furthermore, if your phone gets stolen, you should report the theft immediately so that your virtual card can be blocked and protected.
Whereas before you need a physical card to do online shopping, technology has now enabled everyone to get a virtual card for themselves. Using one is a much safer option as it provides an intermediary between the merchant and your original fund source. With a virtual debit card, you can now shop to your heart’s content without worrying about digital theft.
Mark is a passionate; creative as well as technical writer experienced in writing on various niches including technology, business, lifestyle, entertainment, health and finance. Apart from writing he’s a great fan of Leonel Messi and Soccer is his hobby.