Virtual cards have become an invaluable financial tool for modern businesses, offering greater security, control, and convenience when shopping online or managing expenses. This comprehensive guide compares the top 20 virtual card providers available in 2024 based on features, capabilities, and use cases to help you identify the best options for your unique needs.
Virtual cards explained
A virtual card is a digital, temporary credit, debit, or prepaid card number that acts as a proxy for your physical credit card details when transacting online, in-apps, or at contactless retailers. The virtual card is linked back to the main account but keeps the real card number protected. A virtual card differs from a physical card since only temporary card details are shared without exposing permanent account numbers – adding a layer of security.
Virtual credit cards as well as debit and prepaid ones are generated using a service provided by fintech companies or digital banks. Instead of exposing your physical card number, you use these disposable virtual credit card numbers when transacting. The virtual card replicates key details like the card network, security codes, and expiration date which allows it to work seamlessly for payments.
Once a virtual card is used, it can be set to expire immediately or within a customized duration. This makes virtual cards ideal for subscription services you may want to cancel without the hassle later. They also enable easy allocation limits and spending controls.
Overall virtual cards promote security, anonymity, and financial control when handling sensitive online transactions, recurring payments, or unfamiliar merchants. Top providers make obtaining virtual credit cards quick and simple using mobile apps.
How does a virtual card work?
A virtual card works by acting as an instant, temporary substitute for your real payment card details. When you need to make an online or offline purchase, virtual card providers generate a one-time disposable card for you instantly. Once created, virtual card details can be saved into payment services like Google Pay or Apple Pay, or any other mobile wallet to enable convenient tap-and-pay transactions using mobile devices, while still protecting your actual card details.
Simply open your virtual card app or account, create a card within preset limits tailored for that transaction, and the card details can then be auto-filled at checkout. Virtual card numbers are randomly generated and linked back to the balance on your actual payment card or bank account. However, your real card number is never exposed or shared with the merchant.
Once the virtual card transaction goes through, the purchase amount is deducted from your underlying source of funds. Virtual cards can be set to expire immediately after a single use or have short-term validity. They offer greater control, security, and convenience compared to a physical card.
Virtual cards provide the flexibility to set spending limits, expiration dates, and Usage policies customized to each transaction for improved financial control compared to physical cards. Limits help minimize risks in case details are accidentally leaked while also avoiding overspending.
As you can make sure, it’s quite simple – to create virtual cards and use them as intended.
Why use virtual cards instead of physical cards?
There are several excellent reasons for businesses and individuals to use virtual credit cards rather than traditional physical cards:
Enhanced security – Virtual cards protect your permanent card details from fraud and exposure when you shop online or use them at stores. There is no risk of physical card data being skimmed or copied. Virtual card details expire quickly minimizing impact if compromised. Many people today shop online routinely whether at a big online store or smaller shops. Virtual cards facilitate purchase online frequently by letting users generate a unique card number for each website which contains no identifiers traceable to their permanent accounts. In addition to number expiry and access freezing, some virtual card services provide two-factor authentication using biometrics for managing virtual credit card accounts safely, especially when linking to bank transfers or ATM withdrawals.
Increased convenience– Virtual cards can be easily added to digital wallet services like Google Pay or Apple Pay for streamlined checkouts and the use of contactless payment methods. As digital wallets grow popular for in-store contactless payments, appropriately some virtual card providers allow card details to be uploaded for mobile usage while retaining the ability to freeze access instantly for security.
Streamlined management – Issue and manage virtual cards quickly for staff, contractors, or automated processes like ads or subscriptions. Since virtual cards are temporary, they help control cash flow and allow setting spending limits per card aligned to a specific budget or purchase. Some services provide handy integrations that automatically create new virtual cards with predefined limits using popular expense management apps. Virtual cards from a digital bank can also help control corporate spending by allowing managers to set a distinct credit line per card used by staff and contractors. This contains expenses alongside strong oversight.
Limited losses – If a virtual card is compromised, you simply deactivate it instantly without having to replace the physical card. Losses are contained within the preset spending limit.
Credit score rebuilding – For individuals lacking a credit history or in search of rebuilding their credit score gradually, specialized virtual credit card providers report card activity to agencies like Experian. This allows consumers to use virtual credit responsibly thereby demonstrating financial trustworthiness for credit reference agencies’ records over time.
Customizable controls – Businesses can set spending limits, tailor monthly limits, and define usage duration per card. This prevents overspending in case the numbers are leaked.
Simplified accounting – Transactions are cleanly grouped under assigned virtual cards, enabling precise accounting, tracking, and reconciliation.
All these make the use of virtual credit cards safe and convenient.
Pros and Cons of virtual cards
Virtual payment cards unlock immense advantages but also have some limitations to be aware of:
Pros
- Enhanced security and lower fraud risk
- Greater control over spending limits and validity period
- Protection of permanent card details
- Reduced risk when transacting on unfamiliar sites
- Limit losses due to theft or breaches
- Streamlined expense tracking and accounting
- Avoid forgotten subscriptions turning into recurring charges
- Easy card issuance for employees and automation
- Some virtual card providers offer cashback rewards or discounts for purchases
Cons
- Cannot be used for offline transactions requiring physical cards
- Temporary card numbers may not be accepted in some scenarios
- Additional step compared to directly using actual payment cards
- Potential lag in setting up new virtual cards on short notice
- Low balance visibility on some providers
The 20 best virtual card providers compared
Choosing the ideal virtual card platform depends on your business requirements and use cases. The top virtual card providers offer varying sets of features that are optimized for different scenarios like online purchases, managing team or contractor expenses, maximizing security versus convenience, and global usability. It should be mentioned that each leading virtual card service employs the highest grade encryptions when creating virtual cards generated specifically per transaction or period. This prevents fraudsters from stealing personal or financial information.
This comprehensive review compares 20 excellent virtual card providers across essential criteria to match your unique priorities
1. Wallester
This virtual card provider focuses squarely on optimized virtual card generation for business usage. Key capabilities include:
- Team cards with configurable controls
- Cross-border use with multi-currency support
- Real-time spending oversight and alerts
Best virtual cards for – Streamlining online B2B payments and vendor management.
2. Revolut
Revolut offers disposable virtual cards among many other financial features.
Key strengths:
- Impressive mobile app UX
- Exchange crypto and foreign currencies
- Send funds abroad with no hidden fees
Best for – Overseas money transfers and travel spending.
3. Wise
Wise (formerly Transferwise) provides virtual debit cards for global usage.
Key features:
- Borderless multi-currency account
- Low-cost international money transfers
- Virtual and physical debit card issuance
Best cards for – Frequent international payouts and ATM usage.
4. Monese
This electronic money institution focuses on smooth banking aimed at expats and migrants.
Key features:
- Multi-currency mobile-first accounts
- Shared sub-accounts for families or groups
- Round up purchases & save towards goals
Best for – Individual and shared financial management across borders.
5. Monzo
Monzo pioneered app-based checking/current accounts in the UK.
Key capabilities:
- Shared tab vaults for group payments
- Advanced budget controls and alerts
- Direct debits with bill splitting
Best for – Splitting bills and group payments.
6. Skrill
Originally a digital wallet service, Skrill also offers virtual debit cards.
Key features:
- No monthly or foreign transaction fees
- Cryptocurrency support
- Loyalty rewards on purchases
- Cashback on purchases to save money automatically
Best virtual cards for – Online shopping and gaming payments.
7. iCard
iCard concentrates specifically on providing virtual Visa debit cards.
Notable features:
- Packaged deals with discounted rates
- Desktop access without mobile apps
- No foreign transaction fees
Best for – Infrequent requirements for US-issued virtual debit card numbers.
8. US Unlocked
US Unlocked generates virtual debit cards to link to your bank account.
Key strengths:
- Direct connections to 3,000+ banks
- Make ACH transfers to others
- Photo check deposits
Best option for – Obtaining virtual cards associated with your existing bank account.
9. Starling
This virtual card provider offers mobile-based checking accounts with virtual cards.
Key features:
- Shared spaces for saving goals
- Make secure contactless payments via Google Pay in stores
- Check deposits by taking a photo
- Youth accounts for under-18s
Best for – Teens and those wanting shared savings spaces.
10. Airbase
Airbase combines virtual cards with spend monitoring for businesses.
Notable capabilities:
- Bill pay with global invoice capture
- Valuable reporting and analytics
- Ergonomic UX design
Best for – Finance teams overseeing corporate spend.
11. Intergiro
Intergiro delivers optimized virtual cards for online advertising accounts.
Key strengths:
- Integrates with major ad platforms
- Group sub-accounts with controls
- Automated workflows
Best cards for – Streamlining digital advertising expenses.
12. PST.net
PST.net enables customers to pay any business globally using their choice of credit card.
Key features:
- Send payments by check, ACH, or wires
- Accept payments from 135+ countries
- Schedule upcoming payments
Best for – Making international vendor payments with cards.
13. Pleo
Pleo combines virtual cards with automated expense reports.
Notable features:
- Capture receipts using mobile cameras
- Create electronic company cards
- Integrates with Slack and MS Teams
Best variant for – End-to-end business spend management.
14. Mesh
Mesh handles all elements of corporate cards aimed at startups.
Key capabilities:
- See every employee’s expenses
- Limited personal liability
- Interchange management
Best for – Early-stage, high-growth companies.
15. Stampli
Stampli concentrates on optimizing invoice and payables workflows.
Notable features:
- Invoice management workflow
- Line-item spending visibility
- Integrates with major ERPs
Best for – AP automation for businesses.
16. Tribal
Tribal provides an all-in-one spend management solution for enterprises.
Key strengths:
- Unified view of business spending
- Custom developer APIs
- Integrates with Walmart Pay
Best for – Large firms seeking enterprise-grade capabilities.
17. Karta
Karta delivers tailored commercial cards aimed at startups.
Notable features:
- Configure perfect controls for your team
- Category-specific insights
- Works great for large purchases
Best option for – Fast-growth B2B companies.
18. Extend
Extend issues with unlimited virtual cards optimized for software subscriptions.
Key capabilities:
- Integrates with popular SaaS apps
- Suspend or change plans instantly
- Dedicated account reps
Best for – Managing SaaS company or agency subscriptions.
19. Airwallex
Airwallex concentrates on fast international business payments.
Notable features:
- Borderless company cards
- Multi-currency virtual bank account
- Competitive FX rates
Best for – Firms with frequent overseas supplier payments.
20. Emburse
Emburse automates expense reports and company spending overviews.
Key capabilities:
- OCR receipt scans
- Group spending on virtual cards
- Detailed categorization
Best cards for – Businesses seeking automated expense reporting.
A quick guide on how to use virtual cards
Using virtual cards issued by leading fintech providers generally follows three simple steps:
Step 1: Open your virtual credit card or debit card management dashboard on your computer or mobile app.
Step 2: Generate a new virtual card instantly with defined controls like limits and expiry.
Step 3: Enter the disposable virtual card details at checkout just like a physical card.
Top virtual card providers allow the creation of single-use or multi-use cards in seconds. Virtual card numbers can be auto-filled into online forms using browser extensions. Analytics provide real-time oversight of virtual credit card transactions and spending. The virtual credit card details can be safely stored in services like Apple Pay or Google Pay after one-time use for streamlined No-touch payments.
Team cards may be shared securely with predefined limits. Upon first use, be sure to reference the CVV and expiry date which are randomly generated for security.
Virtual card providers – final word
Virtual payment cards have cemented themselves as a necessity for modern businesses to securely transact online, efficiently manage expenses, and maintain financial control.
Leading fintech innovators have optimized virtual credit card and debit card as well as virtual prepaid card issuance specifically for different business use cases – whether online advertising accounts, contractor management, SaaS subscriptions, or global supplier payouts.
Designed thoughtfully, purpose-built virtual cards protect permanent card data and provide greater oversight. One-click disposable cards offer unrivaled convenience versus physical card alternatives.
As virtual card adoption accelerates, companies must proactively identify use cases to streamline payments, and accounting workflows and bolster financial security.
