Disposable card numbers can add a level of security in an age when data breaches seem to be common and on the rise. If a hacker manages to get ahold of your virtual credit card information online, you can simply cancel that virtual card without needing to close your entire account and get a new one.
So what is a virtual credit card?
A virtual credit card is a temporary card number that you can use while shopping online. These disposable numbers can protect you from having your credit card information stolen in a data breach or hacking.
Virtual credit and wallets can be:
- Set up in any currency
- Issued instantly
- Single or multi-use
- Linked to your mobile device
How does it work
If your card issuer (bank) provides a virtual credit feature you can request one through your online platform with your bank.
After that, you will receive a randomly generated card number, expiry date and security code that are tied to your host account which you will use to make purchases online.
Transactions made using a virtual card will show up on your account statement just like your host card.
Does Your bank offer Virtual Credit Cards?
Banks that offer Virtual credit cards in Zimbabwe include ECOBANK ZIMBABWE and Ecocash. Enquire from your bank and find out if they offer this feature.
Benefits
- Virtual credit cards can give you access to a secure, low cost and efficient solution to make payments in multiple currencies.
- Reduce costs incurred in the payment of international invoices by paying directly in a required currency.
- You can restrict cardholder spending by separating funds from your main balance. When someone begs you to make an online payment so them, so you simply create a virtual card for the person, load it with money he/she wants to use and give him/her the virtual credit card details. After he or she is done with the transaction. You delete it from your account.
- For added security, a single-use virtual card can be created, loaded, spent in a required currency and destroyed in seconds.
Downsides
Virtual credit cards are not all good, the disadvantage comes if you have to return a purchase, perhaps in a shop and the disposable number has already expired. You may have to take something from the shop rather than getting your money back.
