Throughout history, mankind has continued to create solutions that make evolution possible. From creating fossil-fuel powered vehicles to electric, self-driving cars; chunky, landline phones to lighter, portable mobile phones; making withdrawals at a physical bank to sending and receiving money over the internet on apps like Payday; from shopping physically to shopping online. Virtual cards are one of such inventions that has changed the way we interact with the world these days.
What are virtual card payments? A virtual card or digital card is a digital representation of a credit/debit card which is hosted online and used to conduct financial transactions over the internet. Virtual cards work just like physical cards do but they are hosted virtually, hence eliminating the need for them to be carried around like physical cards. A transaction concluded with the use of a virtual card is referred to as a virtual card payment.
Why should you choose a virtual card? Internet and mobile technology penetration across the globe, particularly in Africa, has contributed to some of the ground-breaking innovations we have in the world today. As technology evolves over the years, new products are created to meet the needs of consumers and provide a speedier and expedient option for satisfying consumer needs.
As with all innovative products, virtual cards were birthed to offer convenience and ease to consumers; solve the problems associated with traditional plastic cards and facilitate global financial transactions taking place all over the world.
Some of the benefits of using a virtual card include;
Instant activation: You can create, activate and start shopping with a virtual card almost immediately. There are no physical constraints to make quick purchases online.
Fraud prevention: Virtual cards are encrypted with digits that are generated every time a transaction occurs. This reduces the incidence of fraud and theft since virtual cards do not possess a single 16-digit number like most physical cards which can be copied or used to perpetrate fraudulent activities.
Ease and convenience: You never have to worry about forgetting or misplacing your virtual card because it is stored in a digital wallet that can be accessed via the internet, just like Payday’s virtual dollar card. This option provides consumers with an easier and more accessible alternative to shop, pay or conduct transactions without having to produce a physical card every time.
Safety: Unlike physical cards, you do not need to call your bank to cancel a virtual card. You can control your virtual card directly from your digital device.
How to get a Virtual Card? To get your Payday virtual dollar card, download the Payday app, sign up and create your own virtual card. It is that simple. Payday’s virtual cards give you access to shop on any website in the world directly from Africa.