In our rapidly evolving financial landscape, virtual credit cards have emerged as a convenient and secure payment option. They aim to simplify credit transactions while reducing the risks of theft and loss compared to traditional physical credit cards.
What is a virtual credit card?
A virtual credit card is the digital form of a physical credit card. It contains all the essential data of a physical card, including a 16-digit card number, CVV and expiry date. Typically, a virtual credit card is a short-term card that serves as an addition to your existing credit card, allowing a limited number of transactions.
How does it work?
A virtual credit card works in the same way as a physical credit card and offers enhanced security features. When you pay with a virtual card, a one-time password (OTP) is generated, which remains valid for only a few minutes. This ensures that the same password cannot be reused for future transactions, significantly reducing the risk of fraud.
How to use a virtual credit card
Using a virtual credit card is simple and does not require a physical card. Follow these steps to make a payment:
Conclusion
Virtual credit cards represent a significant advancement over physical credit cards, offering improved security and convenience. They minimize the risks of fraud while streamlining online transactions, making them an attractive option for modern consumers.
