The virtual Visa card is designed for users who shop online regularly but who do not want or cannot get a
full credit card. Users can complete credit card transactions online using their virtual Visa card, but cannot swipe it
physically. Unlike conventional credit cards, one does not require sound credit history to qualify for a virtual Visa card.
How Does a Virtual Visa Card Work?
With a virtual Visa card, the user does not receive a physical plastic card. Instead, the card details are mailed to the user
via Internet. The steps involved in the working of a virtual Visa card are as follows:
An individual has to apply for a virtual Visa card online. One can visit websites of partnering financial institutions to obtain
a virtual Visa card.
Once the application is processed, the applicant receives a 16-digit virtual credit number. This is similar to a
credit card number that appears on the plastic card. Some financial institutions issue a cardboard card or low-quality
plastic card as a virtual Visa card. However, such a card is equivalent to a dummy and cannot be swiped to make transactions.
- The user receives a three-digit CVV verification code through another email. This code enables online merchants to verify the
virtual Visa card.
- Using these two numbers, the virtual Visa card can be used to make online purchases. It works similar to other credit or
debit cards in the online environment.
- The user can reload the amount in virtual Visa card a through banking account or another credit card.
Benefits of the Virtual Visa Card
In the era of online fraud and identity theft, virtual Visa cards offer privacy and security of the highest order. A debit card
can be swiped for purchases beyond the available amount in the checking account. This leads to overdraft fees. However, a virtual
visa card denies any transaction beyond the loaded amount. Again, one can load the virtual Visa card with a limited amount. This
prevents overspending and secures the cardholder against the loss of huge amounts of money in the event of a cyber theft.
Additionally, this card is recognized by all online retailers who accept Visa payments.
However, the virtual Visa card has its drawbacks, such as it cannot be used for cash withdrawals or payments other than
online transactions. So, one should consider his or her spending needs before purchasing a virtual Visa card.
‘Visa’ is the registered trademark of Visa Inc., who can be found at www.visa.com