Digital and contactless payment solutions are growing more popular in the aftermath of the COVID-19 pandemic. Nowadays, contactless payments saw an exceptional surge. As a result, virtual credit cards have become a popular method of making online payments.
With such rising popularity, several questions arise, such as are virtual credit cards safe? Is it well-protected against losses due to fraud? Is the refunding process complicated in any way? You will find all of the answers to all of your legitimate questions here. Have a read!
What is Virtual Credit Card
A virtual credit card is a set of numbers containing several random digits. These artificial numbers are associated with the user’s actual credit card account. These artificial account numbers are designed to keep your real card details out of the wrong hands. It contains some details such as a card number, a pin code, a security code, and an expiry date.
However, this card number is primarily applicable to internet payments only. But it doesn’t have any constant existence because, after every online payment, the number becomes inactive, therefore useless for potential thieves.
Are Virtual Credit Cards Safe
Virtual credit cards are a secure medium for making online payments. Some valid points indicate the safety of using a virtual credit card. Here I mention some of them in points-
- It is a Randomly Generated Artificial Number: As you know, a virtual credit card number is a fake number generated randomly for a temporary payment. So, there is no worry of being a fraud or hacked.
- No-one Can Defraud You: It’s nearly complicated for someone to defraud you with a virtual card because you don’t have to swipe it to make a payment. Also, you will need to get VCC for verification.
- It’s Untraceable: As artificial and has no physical existence. This number is only associated with the real credit card number. But the details aren’t public randomly, or no one can relate it to your real account after payment. So, data privacy is preserved sincerely.
- It Can’t Be Stolen: As it has no physical existence and it becomes inactive after one use, no one can reuse it. Or steal even a single valid information.
- There is no Risk of Losing it: A virtual credit card is nothing but an artificial object which can not be touched or carried. A common risk of ordinary credit is lost. But here, a virtual credit card is entirely risk-free.
- Statement Clarity: The user will get an immediate statement after every online payment individually. So, there is no risk of unmatched calculation.
- Any Time Block Service: You can Block your VCC anytime if you feel there is something unsafe. You don’t have to wait or go to the issuer to block it. You can do it by yourself from your available device.
- Transferable Credit: A virtual credit card’s remaining amount can be credited to the customer’s main account.
Finally, the essential point is it’s an online-based technology for online purchasing. So, the value of this technology is updated time by time. And frankly, it isn’t a plastic card. So, logically it’s safe for nature also. So, you can say that virtual credit cards are secure.
What are the Cons of Using a Virtual Credit Card?
Well, though virtual credit card has many amenities, there are few drawbacks which I think you should know-
- It can only be used for online purchases because no actual plastic card is issued.
- As it can be used for a certain period of time and automatically changes, the user may face trouble while it’s about collecting refunds.
- One can’t issue a renewable subscription with a virtual credit card because of security issues.
So, these are some cons that I found in my experience.
At a Glance
Virtual credit cards are useful instruments that ease payment operations and help users gain new efficiencies. Even more on top of that, they resolve plenty of security and fraud challenges.
They secure data security and privacy without affecting your efficiency or usability. So, Hopefully, now you have cleared all the doubts about virtual credit cards safety and security issues.