An increasing number of Americans are falling victim to credit card fraud every year. It is being estimated that around 20% of these people blame online dealings for such mishaps and is probably the reason why people shy away from purchasing over the internet. Virtual credit cards, which offer controlled numbers for payments have been in presence for nearly seven years and are gradually gaining in popularity, allowing people to shop freely without the fear of fraud of their personal details.
What is a Digital Credit Card?
Virtual credit cards are throw away payment cards, which can be used for buying or making payments over the internet. Also, they are known as single-use credit cards. These cards provide the protection that consumer’s desire as they are provided with a new card amount for every transaction they make, online. These cards are issued by major brands such as MasterCard, Visa and major banking organizations. They are similar to on the web gift vouchers and totally get rid of any possibilities of fraud.
How do they will Work?
These cards are similar in nature to regular cards with the exception that they can only be used online. The accounts associated with the card are funded online and consumers intending to shop on-line use the number of their virtual credit card, just as they would in regular circumstances. Virtual credit cards are basically pre-paid cards with no line of credit being made available on them. The user will need to open a merchant account and fund the same before they are able to use the card. Some issuers enable funding of the account with a number of methods, while others will only do so using a regular credit or debit card.
Signing up for a Digital Card
The application process for a virtual credit card may differ from one provider to a different. However , the basic requirements remain the same. An application available on the card website must be completed apart from downloading the security software program to the personal computer or laptop, which is being used. Fees applicable for activation of the card and the account will be debited, once funds are received for the first time. Monthly maintenance charges will also be applicable.
Merchants accepting Virtual Credit cards
There is absolutely no restriction on any merchants for accepting virtual credit cards.
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However , it must be remembered that these cards can only be used online and cannot be carried about like a regular card. The vendor will in no way be able to comprehend whether a consumer is using a regular credit/debit cards or a virtual card. They will have no access to any data apart from the short-term number, which is generated for the deal.
Disadvantages of a Virtual Cards
Virtual credit cards can only be used for on-line transactions. Many people have limited usage of cards that can only be used on-line. Therefore , they feel a need to retain a physical card for use against transactions of some sorts. They are also slow in processing dealings as compared to their counterparts. However , they are a good solution for people preferring to shop plus make payments online due to their secure nature.