Virtual Debit Card - Meaning, Benefits, & Check How to Apply (2024)

FAQs

Virtual Debit Card - Meaning, Benefits, & Check How to Apply? ›

They work similarly to physical debit cards but offer additional advantages in terms of security and flexibility. Virtual debit cards enable you to generate a unique card number, expiration date, and security code (CVV) for each transaction, reducing the risk of fraud and data breaches.

Unfortunately, if you don't have a physical card, you cannot get money off a virtual card through an ATM. However, you can link a virtual card to your physical credit or debit card or mobile wallet. This action makes it possible to withdraw cash at ATMs.

Virtual cards come in handy for any contactless payments though - just tap your phone to pay instead of your physical card. Virtual cards are available as both debit and credit cards, and can often be instantly generated once you've got an approved account with a bank or provider.

Virtual Debit Card cannot be used for Cash Withdrawal.

Virtual credit cards are a digital version of your physical credit card. They generate a unique credit card number for you to use in place of your physical card number, preventing the merchant from storing your credit card information and keeping your financial data more secure.

Once you create a Step account, you'll receive your Virtual Step Card instantly. Your Virtual Step Card is a digital-only card with its own unique card number and details. You can use it online or add it to your mobile wallet to use in-store.

Get a virtual debit card instantly from Zil, a cloud-based payment platform, and start using it as soon as you apply for it. Zil virtual cards are an easy way to spend more securely and safely. You can shop online or at any merchants that accept Visa cards and contactless payment.

When a virtual card Visa card is used to make a purchase, the cost is routed back to the underlying account that is linked to the number, and the payment is made from the account. The virtual card Visa card number expires as soon as it is used, making it useless for would-be thieves.

You can link your virtual card to PayPal or any e-wallet you prefer and then transfer it to your bank account or other e-wallet accounts. Later on, just pay a visit to the bank to get your money.

Can someone send money to my virtual card? ›

Virtual credit card gift cards are normally not able to receive money. The only exceptions are usually the initial purchase and when you create the account online it sometimes asks you if you want it in a wallet (where you combine two or more of the same type of card).

Yes, the virtual card allows you to withdraw cash from ATMs that support contactless use. You will need a digital wallet (e.g. Apple Pay, Google Pay) and second, a virtual card PIN code, which you will find on the LHV mobile app or internet bank.

A major disadvantage of a virtual debit card is that it cannot be used to withdraw cash at an ATM. Moreover, you cannot use it to make in-store purchases where swiping or tapping the card is necessary.

A virtual card does not require a PIN number. To find your virtual card in-app: Click on the menu button in the upper left hand corner, which are the three lines grouped together.

Virtual Debit Card : Fees & Charges

Currently, there is no Virtual debit card issuance fees. However, once the card is converted in to physical then the fees (issuance/annual) applicable for physical Debit Cards will be levied.

Virtual credit cards can make online shopping more secure. It's considered a safe payment option that puts an additional barrier between your credit card number and identity thieves.

Physical cards are widely accepted both online and offline, while virtual cards may have limitations in physical stores. Physical cards are susceptible to physical theft and skimming, and they are also at risk of cyberattacks when used online. In contrast, virtual cards are only vulnerable to cyber threats.

You can use your Virtual Debit Card only for online transactions like shopping, travel, recharge, transferring funds etc. However, an Online Debit Card cannot be used at Retail outlets where you swipe your physical Debit Card. You can use the physical Debit Card to withdraw cash at any ATM.