Did you know that nearly a third of American adults make a grand total of zero cash payments each week, according to CreditCards.com. We live in a brave new world; one in which we swipe and tap our way through purchases. In fact, in the wake of the COVID-19 pandemic, cash is more of a distant memory than ever.
But innovation hasn’t stopped at that humble plastic rectangle in your wallet. Let us introduce you to the wild and woolly world of virtual debit cards: a new and exciting frontier in payment convenience and security.
Confused? Worry not. We’re here to walk you through the best virtual debit cards out there, and answer any questions you could have about choosing a virtual debit card.
What Are Virtual Debit Cards?
You can think of virtual debit cards as a kind of proxy between your payees and your physical debit card. When you go out and purchase something using a virtual debit card, your payee is presented with a set of card details that are different from the ones embossed on your physical card, but which your bank has tied to your physical card anyway.
It adds another link on the transaction chain. Let’s take a Bentoforbusiness.com card as an example. Where physical payments went ‘bank > physical card > payee’, virtual debit cards add a new step: ‘bank > physical card > virtual card > payee’.
What’s great about this is that this extra step incurs no loss of convenience to you or your payees. It’s no more effort to wave a mobile phone over a card reader than it is to tap your contactless debit card on it. The security benefits, however, are huge.
Why Choose Virtual Debit Cards?
The number one concern people have when choosing a virtual debit card is security. Customers, especially those looking for a virtual business debit card, are worried about their money. What impact will virtual debit cards have on my security?
Lucky for us, virtual debit cards have a super positive effect on financial security. Think of it this way: if your physical debit card gets stolen, it can be a real pain to sort out.
You have to phone your bank, go through their security procedures, cancel the card, then wait for them to send you a new one. This whole process can take days, or even weeks.
But if the details of a virtual debit card get leaked, you pull up your banking app and delete it, says N26. Then you generate a new one instantly. It takes seconds! Security and convenience, together at last!
The Cards of the Future, Today!
That’s why you should look into your options for virtual debit cards. Whether you’re an individual consumer or you need a great new virtual business debit card, there’s something out there that will meet your needs and then some.
So what are you waiting for? Let’s get virtual!
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