The process of creating an electronic payment card for use in online or mobile transactions is known as virtual card issuing.
How it works
Financial institutions or payment service providers issue virtual cards and link them to a funding account or credit line. A website, mobile app, or digital wallet accesses the digitally stored card information.
Benefits
Virtual cards offer a number of advantages, including:
Security: Virtual cards are more secure than physical cards because the card information is not physically present.
Convenience: You can quickly and easily generate virtual cards, which makes them ideal for one-time or limited-use transactions.
Spending controls: You can set limits on the transaction amount, total spend, date ranges, or merchant categories for virtual cards.
Use cases
Virtual cards can be used for a variety of purposes, including:
Paying employees or independent contractors
Issuing one-time-use cards for free trials
Streamlining expense management and benefit programs
