What is Virtual Card? Check 10 benefits

Not like carrying credit cards, debit cards in your wallet? You can get rid of them even without compromising on the benefits they provide, thanks to Virtual Card. Wondering what it is? And, how it may help you? Here's an explainer for you: As the name suggests, virtual cards are not physically issued by banks. These are online cards that can help you carry out transactions easily and securely through your smartphone. Introduction of the virtual cards by banks is a natural progression of the movement for cashless transactions, which was triggered first by the birth of plastic money - in the form of debit cards, prepaid cards, credit cards. The plastic money has reduced our dependence on cash. The virtual card can reduce your dependence on plastic money. 

Axis Bank's official website defines virtual cards as "online cards which are not physically issued by the credit/debit card provider. It helps you to transact easily and securely through your smartphone."

10 benefits of Virtual Card

1. Virtual Card facilitated cashless transactions.    

2. Virtual Card allows you bank anytime, anywhere

3. Virtual Card is widely accepted across points of sales and services. 

4. Virtual Card helps you pay utility bills, shop online, book flight tickets etc. 

5. Virtual Card helps you pay the exact amount.

6. With Virtual Card, you can get exciting cash-back offers/rewards points. 

7. Virtual Card users get transaction alerts and access to online statements. 

8. You can link your investments with Virtual Card 

9. Virtual Card helps you save time and energy

10. It is easy and convenient to use Virtual Card.

These days virtual cards are provided by all leading banks.  Axis Bank provides an instant virtual credit card. On opening Axis ASAP Account, customers get a free virtual debit card. Similarly, the largest lender SBI also provides a virtual card. SBI says, "State Bank Virtual Card is a limit Debit card, which can be created using the State Bank Internet Banking facility for ecommerce (online) transactions."