Physical Card vs Virtual Card (2024)

FAQs

Physical Card vs Virtual Card? ›

A virtual card is a credit card number, CVV code, and expiry date issued by a bank or credit card issuer. It's provided digitally to be used for shopping online. While you can use a physical card for in-person retail shopping and cash withdrawals, virtual cards are more temporary and digital.

What's the difference between a virtual and a physical debit card? Virtual debit cards are like regular debit cards, but digital and issued by banks. They're more secure than traditional debit cards and offer more privacy. They allow for quick and easy payments anytime, anywhere, without carrying a physical card.

The Cons of Using Virtual Credit Cards

One of the main drawbacks of virtual credit cards is that they are less widely accepted than traditional credit cards. This can be frustrating if you are trying to make a purchase and must switch between your virtual credit card and a traditional one.

A prepaid debit card is not linked to a bank account. Once you run out of money on the card, you need to top it up with additional funds. In contrast, a virtual card is linked to your bank account and can be used just like a normal debit card.

Please note that the card number for your Virtual card is different from the card number for your Physical card. This is designed for your security in mind. In the event that you lose your Physical card, we can lock and replace your Physical card exclusively, while giving you access to your Virtual card.

A virtual credit card exists only in digital format, without a physical presence. This makes it more secure in some ways, since it can't be stolen from your wallet. Another difference is that with a virtual credit card, your financial data isn't disclosed to the merchant.

Virtual credit cards can make online shopping more secure. It's considered a safe payment option that puts an additional barrier between your credit card number and identity thieves.

Major credit card companies like Mastercard, Visa, Capital One, and American Express issue virtual credit card numbers as a way to provide an additional layer of security for online purchases or to limit spend to an account. Virtual credit cards are completely legal and available for mainstream use.

The benefits of virtual credit cards

Virtual credit cards offer an extra level of security against criminals attempting to steal information via insecure connections or data breaches. If the account holder needs to cancel their card for any reason, a virtual credit card can make the process much easier.

Can I have both a virtual and physical debit card? ›

Certainly! If you hold a virtual debit card issued by the State Bank of India (SBI), you can typically apply for a physical debit card as well. Many banks, including SBI, offer customers the flexibility to have both virtual and physical debit cards associated with the same account.

Unfortunately, if you don't have a physical card, you cannot get money off a virtual card through an ATM. However, you can link a virtual card to your physical credit or debit card or mobile wallet. This action makes it possible to withdraw cash at ATMs.

A virtual card is not a physical, plastic card. Instead, it is a set of sixteen digits similar to a credit card number together with a CVV code that is randomly generated using software.

If you are interested in obtaining a physical card, it will be necessary for you to create a completely new card. By doing so, you will receive both a new physical card and its virtual counterpart. The newly generated virtual card can be immediately used, removing the need to wait for the physical card to be delivered.

Problems With Recurring Transactions

Because a virtual card number is usually temporary, it might not be wise to use one for recurring payments, such as credit card bills.

Not to be confused with instant approval credit cards, instant use credit cards are available to use upon approval. While you're waiting for the physical card to arrive in the mail, you may receive a virtual credit card you can use for online purchases or you could add your card information to a digital wallet.

Contactless Debit Cards are the latest upgrade in our banking system. They use NFC or near-field communication technology. With these types of Debit Cards, you can make payments of up to ₹5000 just by placing the card near the POS machine. There is no need to swipe or hand over your Debit Card.

Virtual debit cards are highly secured as they cannot be accessed without a mobile app password and net banking password. Apart from this, there is no risk of getting the card lost, duplicated, or stolen as it is in a digital form.

Unlike physical credit cards, virtual cards can't be stolen or lost. If you carry a physical credit card and it's stolen, you can be vulnerable to fraud. Virtual cards live in your digital wallet, keeping you safe from fraudsters.

Additionally, a physical debit card enables you to withdraw cash at ATMs, making it a highly practical tool for everyday transaction needs. Physical debit cards are commonly used as legitimate financial identification tools, allowing businesses to present a professional image in the eyes of customers.