Credit cards have become a popular cashless payment method because of the convenience they offer, especially for online transactions.
Though making online transactions using credit cards is convenient, card details are shared with merchant sites which might put the user's card information at risk of being compromised. And, this is where virtual credit cards come in.
Here's everything to know about virtual credit cards.
Simply put, virtual credit cards are like credit cards with no physical existence. These are either linked to the cardholder's physical credit card or bank account. With features similar to those of credit cards, virtual credit cards are designed to protect one's original card/account information.
Virtual credit cards are generally meant for one-time use. The validity of VCCs is less; these usually expire within 24-48 hours. Even if the balance isn't used, the VCC expires after a specified time and the remaining balance is credited back to the original source.