How to choose a virtual card

It is hardly possible to surprise a modern person with digitisation. Today we are witnessing the widespread introduction of digital technologies in various areas of life: industry, economy, education, culture, service, etc. Such processes also accelerate crises and emergencies, such as the COVID-19 pandemic. It was during the period when the whole world found itself in forced self-isolation that a kind of consumer boom occurred for services in the virtual space: online purchases, the development of Internet banking, transfers through mobile applications, and much more. Many consumers began to think about creating a virtual card. The specialists of the WestStein financial institution told how to choose a virtual card and how it differs from the real “plastic”.

Virtual bank card: what is it and where to use it?

First, it should be noted that a digital card differs from a physical one only because it exists in virtual space, and sometimes even has a real counterpart. Therefore, it is simple to use a virtual card: you use it just like any other card, feel free to pay for purchases online and in real life.

The VC (virtual card) functionality is multifaceted and will literally satisfy all your needs:

• transfers of funds to other accounts, as well as abroad;
• payments in the Internet;
• making purchases in offline stores thanks to the Apple Pay and Google Pay applications;
• cash withdrawal from an ATM;
• contactless payment;
• additional beneficial features (cashback, for example).

Many banking structures practice issuing cards where there is no branch of the institution. This allows you to find new customers and establish work in those regions where the bank is not represented. It is convenient and profitable from the other side that anyone can open a virtual card online in just a couple of clicks, it is enough to have only access to the Internet. In addition, it is beneficial for the financial structure and due to the fact that there is no need to spend additional funding to pay for components, production, packaging and logistics. You only have to pay for transaction costs, maintenance and product updates. We cannot ignore the topic of ecology, because the rejection of plastic is an investment in the future. Among companies, the philosophy of environmental, social and corporate governance (ESG agenda) becomes more relevant, since it is extremely problematic to recycle cards made from durable polyvinyl chloride. The transition to digital media should solve this issue to a greater extent.

Advantages of a virtual card and its disadvantages

Let’s highlight the pros first:

1. Instant release and use immediately after verification. If we consider our service as an example, then the WestStein digital prepaid card is available to the client after confirming the phone number and email address.
2. VC cannot be lost or left anywhere.
3. The release of such card is possible where there is no physical bank. This greatly increases the availability of financial services, and also expands the bank’s client base.
4. The card provides the ability to securely pay for online purchases, as there is no need to enter data from the main bank account.
5. VC quietly replaces the physical one, thanks to the contactless payment technologies (chip and NFC) built into smartphones. In this case, it is enough to attach the gadget to the POS-terminal and the payment went through.
6. The VC holder has the ability to independently set a monetary limit.
7. Thanks to the mobile application, you can track expenses and optimize your expenses.
8. VC is difficult to fake, which makes it inaccessible to scammers.

Among the “cons”:

1. Not all ATMs provide an opportunity to withdraw cash from the VC.
2. Some outlets do not have terminals and you have to pay in cash.

As you may have noticed, the Mastercard virtual card has more advantages than disadvantages and is a fairly convenient tool for making financial transactions. This is what you should pay attention to when choosing a digital card.

Virtual card for free: how to get it?

WestStein service specialists highly value the comfort and safety of their customers, therefore they provide the opportunity to open an account and receive an online card in just a couple of minutes. To do this, you will not have to enter document data or open an account in a physical bank. You need to find the “Open my account” bottom on our website and go through a short registration. After confirming your data (phone number and email address), you get access to your account and card, which you can immediately replenish. The physical card will arrive to you after ten days from the date of registration.