Using virtual cards will gain a truly global character in the nearest future. As proof, we see a growing number of clients using such cards and an active integration of virtual products by the most prominent payment systems. In the era of fintech innovations, cards with no physical carrier can be considered a perfect tool for payment operations. In particular, they can be used for travel and business trips.
What is a virtual card?
' virtual card' refers to a payment solution with no physical carrier. Numerous banks or licensed issuers can issue a virtual card for multiple or single uses. It has a complete set of elements applicable to a physical card (a number, validity period, CVC), yet it exists only online. A virtual card is connected to a user's primary credit card or bank account. It is integrated with a mobile app of the issuing bank or an e-wallet and can be used for online shopping and contactless payments in offline stores. At the same time, the issuer or the cardholder can set the expense limit for this card.
Nowadays, virtual payment solutions are successfully applied in all areas related to online purchases. With their help, you can carry out a transaction without providing bank account details or your primary physical card number.
In this regard, carrier-free cards are universal and highly convenient.
Virtual cards and travelling
Payment cards with no physical carrier can be used to pay for tourist services. With their help, you can pay for hotel accommodation, car rental, excursions, or SPA treatments. Such a versatile application is incredibly comfortable for transportation, travel agencies, and companies arranging business trips. In this industry sector, virtual cards streamline cash flow management, facilitating transactions in real-time and decreasing data check expenses. The advantages of such a solution are evident:
👉 A virtual card is integrated with a mobile e-wallet app on your smartphone, letting you use it with maximum comfort. There isn't even the slightest risk of damage or loss.
👉 Carrier-free cards are accepted for payments in all countries worldwide and can be used for several currencies.
👉 A virtual card is ready to use right after issuance. You can create this payment solution right before a business or personal trip.
👉Efficient virtual card safety reduces the chances of fraudulent activities almost to zero. The single-use cards are ideal for one-time transactions like airline tickets or hotel bookings.
👉 Active use of single-use virtual cards with a limited validity period allows transportation companies and travel agents to decrease the risk of fraudulent actions or failure to comply with financial commitments on the side of the partners and suppliers.
👉 Virtual cards are a 100% ecological payment solution, not causing any damage to the environment but ensuring maximum convenience for cashless payments and online shopping.
Since the COVID-19 pandemic started, virtual payment solutions have become a saving brace for travel agencies, transportation companies, and their clients. Service providers had to face many refund requests due to border crossing limitations. In turn, the clients needed a convenient tool for timely refunds. Virtual cards became an efficient solution considering both sides' interests.
Another example of virtual card use in the same area is business trips. Employees can take a card with a pre-set limit when going on a business trip and spend only corporate funds, not personal ones. This approach is also convenient because an employee doesn't have to keep receipts to get refunded by the accounting department. Virtual payment solutions reach a new level when managing business trip expenses. They provide a positive experience regarding expenditures and the following expense analysis.
It is vital to highlight that you can receive more benefits when integrating virtual cards if you use them combined with innovative solutions for financial management. More details are below!
Wallester Business — a complete discovery of virtual cards
Our company offers business clients virtual cards with a complete set of modern functions such as online single and regular purchases, payments via terminals, and cash withdrawals in ATMs.
Using a solution by Wallester Business, you can issue unlimited virtual cards and efficiently manage expenses via these payment tools. The program is implemented via a basic REST API into the current corporate financial system. It includes a whole set of innovative products for payment data accounting and analysis.
Wallester virtual cards can be issued instantly in any quantity needed. After that, they can be connected to mobile payment systems to pay for purchases via smartphones or other NFC devices. Payment operations' safety is ensured by a 3D-Secure technology. Individual limit settings and a short validity period reduce the risks of fraudulent practices to zero.
Wallester VISA Virtual cards are an essential payment tool on business trips and a more advanced alternative to traditional physical cards. Many modern companies prefer virtual payment solutions, appreciating their convenience, universal use, and high safety level.
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