Disposable Virtual Cards

While technology has ramped up the online payment of goods and services, it has also brought about cybercrime. Fraudsters can get access to your banking information and take possession of your money. To protect yourself from such encounters, you can take a step forward and get a single-use virtual card, also called a disposable virtual card. Several banks and fintech companies offer this new feature that allows you to easily use new credit card details for different transactions.

What is a Disposable Virtual Card?

A disposable virtual card is a digital card designed to transact online and can only be used once. Once you have transacted with the virtual card, those card details cannot be used again. Just like the name suggests, it is not a physical card, but a digital card. Disposable virtual cards are also known as single-use virtual cards because they can only be used once to pay.

Benefits of Disposable Virtual Cards

The following are some of the advantages of having a single-use virtual card:

You can’t lose a single-use card because it is not physical
They don’t require passwords and as such, you don’t have to remember passwords
Gives you control. You can create and delete a disposable virtual card anytime using an app
Protects your money from chargeback schemes when you make payments
Secures your money, and banking information from third parties

How Does a Disposable Virtual Card Work?

A disposable virtual card works just like a normal virtual credit card. The only difference is that a virtual disposable card is not a physical card. It is a secure way of making payments since it does not leave a trace of your banking details.

A disposable virtual credit card has a 16-digit unique number, expiry date, and card verification number. However, unlike a normal virtual card which you can use several times to make payments, a disposable virtual card can only be used once. Once you have made payment with it, the card cannot be used again.

There are disposable virtual cards for both individuals and corporates. Businesses that are often making online purchases can consider getting disposable virtual cards. A disposable virtual card can be used where merchants accept online card payments.

Disposable Virtual Card Providers

The following are some of the providers offering the best disposable virtual cards. These providers offer disposable cards on the go, often as easy as a click in the app, or even automatically. Some also provide browser extensions that can populate disposable credit card details on a website automatically when required.

Revolut Disposable Virtual Card

Revolut offers virtual cards you can keep for recurrent payments, as well as disposable or single use virtual cards. You can get fre disposable virtual cards with Revolut’s Standadard plan, Credit card details such as the digits, date and CVC for the disposable cards are automatically generated for each transaction. You can renew your disposable virtual card after use. Not only that, but you can also get a refund for something you have purchased.

To get a Revolut single use card, you have to use the Revolut app, go to the cards section, and tap + Get Card. Then select a virtual debit card. Then select a single-use virtual card and you can start using it.

Do note that you can’t use the card for recurring payments such as subscriptions or to make payments that require pre-authorization, although users have confirmed the latter is possible sometimes.

NetSpend

NetSpend is another disposable virtual card provider. You can generate up to six numbers in a day. You can also delete each subsequent number you have created. Furthermore, you can use the disposable virtual card for online and mobile transactions. However, it can only be used to make payments to merchants that accept VISA cards only.

Capital One

Capital One can also help you generate a disposable virtual card. To generate the card, you can use the Assistant Capital One extension available on Mozilla Firefox, Google Chrome, and Microsoft Edge browsers. You can generate new and control your disposable virtual card. You can create a new card within a few seconds and use it right away.

Privacy.com

Privacy.com offers disposable virtual payment cards to minimize the amount of personally identifiable information. Their virtual cards are completely free to use when you use a bank account as a funding source. The company makes money off the fee that the merchant pays for accepting a debit or credit card. Privacy keeps your personal information private, while being more convenient than using a physical payment card online.

Once you have signed up for an account, you can start creating Privacy.com virtual cards. Locate My Wallet and you will see all the cards that have been created. You will also see a link to create a new card. To create a new card, click on the link. You can use the cards to meet recurring expenses like Netflix, Spotify and iTunes.

Currently, Privacy.com is only available online to legal residents of the United States. You can apply for an account online in as little as 3 minutes by providing some basic personal information such as name, date of birth, phone number, valid email address, and current address.

Citi

Citi offers disposable virtual bank cards. They are accessible to all Citi card users. You can control the Citi disposable virtual card using the Citi app. For instance, you can lock the card using the app. You can also view your transaction on the system. You can also boost card security by setting a payment limit and validity period.

Enkash

Enkash is a spend management platform that offers single-use virtual card provider for businesses. You can use it to automate your business payables, digitize receivables and manage expenses.

Enkash uses a virtual card API system that helps you make payments without disclosing your business banking details. Their virtual cards help you spend conveniently and secure your business funds.

Wallester

Wallester is a VISA card issuing company and payment processing services for businesses. They offer disposable virtual credit cards. You can create a virtual card, change your PIN code and complete online transactions from wallets such as Google Pay or Apple Pay.

You can control your disposable virtual card using the app. It takes a few minutes to create a card, and you can control it using the app. The app is available for download for Android and iOS devices.

Are Disposable Virtual Cards Worth It?

Disposable virtual cards are definitely worth considering if you value the security of your money and banking information. By opting for a disposable virtual card, you can establish an extra layer of protection. These cards can be easily generated and utilized for online card payments, ensuring that your sensitive information remains secure. What sets them apart is that once a payment has been made, the virtual card is automatically deleted.

Furthermore, you have the flexibility to delete the card at any time before using it. Often referred to as single-use virtual cards, they can only be employed for a single payment transaction. So, if safeguarding your financial details is a priority, opting for disposable virtual cards is a wise choice.

When are Disposable Virtual Cards Not Applicable?

Disposable virtual cards may not be suitable for certain situations. For instance, they are not ideal for making recurrent card payments, such as subscriptions that require ongoing charges. Additionally, when making deposits, such as car rental payments or hotel reservations, disposable virtual cards may not be the most practical option. In these cases, it is advisable to consider alternative payment methods that align better with the specific requirements of the transaction.