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In an era of solid computerization, it's not a surprise that the financial sector is also progressively removing stationary offices, salaried workers, and paper-based reports, moving to online platforms. Virtual cards are replacing plastic cards.
Virtual cards are a great way for managing your online bank account. They is able to be used for earning as well as shopping. You can also order a physical card with identical information and a single account if you'd like.
Virtual cards are a unique payment method used to pay for online purchases. It is different from regular bank plastic since it's not an object. it cannot be touched.
The person who owns the card is notified of her information only upon registration. This includes the number, the validity time and three-digit codes to verify authenticity.
There is no PIN code because there is no physical device. It is recorded within the database of the bank, and designed for specific use only.
Virtual cards aren't available offline. They cannot be used for cash withdrawals.
They aren't able to transfer money to other users or to balance a mobile phone. They are comparatively short in validity period.
It is not possible to transfer money to another user with all virtual cards. However, you are able to transfer money to your account but not to other users.
If there is a credit limit the money may also be spent only on online purchases.
The bank will send details regarding the card to ensure that it is able to use products in accordance with specifics of the contract.
Virtual cards, in simpler terms, is a secure payment tool that can be used to pay for online purchases.