Virtual Prepaid Cards are designed specifically for use on the Internet.
When your customers, employees or clients apply for a virtual prepaid card, they do not actually receive a physical plastic card. Virtual means there’s no physical card. And that means there’s no delay while the card is shipped – so your people can access their money instantly. So, the issuer will generally provide you with details of a prepaid card account, such as the card number, the expiry date and the security code, that you can then use to make purchases online and you can start using those details instantly. Some providers can also provide a single use card detail with new details being issued in each instance for the risk averse.
A virtual prepaid card is ideal for people who want to keep their online spending separate from their credit or debit card. It’s also a good option for people who want to buy online, but do not have access to traditional bank account cards like credit or debit cards.
Benefits of Virtual Prepaid Cards:
- Greater Control – your card can only be used online and over the phone. With an online account, you can keep your online spending separate from your everyday spending.
- Improved Security – Since there is no physical card, you do not run the risk of your card being lost or stolen and hence, there is a greater level of security and reduced exposure to fraud and theft.
- Enhanced Flexibility – Your card is scheme branded like Mastercard or VISA and hence, can be used for online shopping and over the telephone wherever Mastercard and VISA are accepted, respectively. However, you cannot use virtual cards at ATM for withdrawals.
The main advantages with Virtual prepaid cards are that they are fast and cost-effective. They require little time to produce (usually instantly), and there are no delivery charges or delays associated either and they help reduce the users exposure to fraud and enjoy shopping online, safely and securely.
If you wish to launch a virtual prepaid card scheme for your business or clients, contact one of our featured prepaid card providers or fine more providers in our prepaid supplier directory.