Card payment is now widespread. And the Covid 19 crisis has even increased card use by lowering the minimum payment level. However, fear of card theft and hacking continues to grow. To counter this, some banks have launched virtual bank cards, or e-cards. They are a virtual means of payment that can only be used once. Could this be the end of the little plastic card?
What is a virtual bank card?
As its name suggests, it is a digital payment method that allows you to pay for your purchases on the internet, without having to provide the actual card number. The principle is simple: create a digital card with a certain credit amount. The card has a unique number. This number is transmitted to the merchant. In case of fraud, hacking or phishing, your bank account is not at risk in any way. E-cards are now available from banks and through neo-banks. Some used e-card technology as a key selling point. Take MANAGER.ONE.
E-cards for professionals.
Launched in 2017, the banking platform, MANAGER.ONE, is reserved for professionals and business leaders. The online bank has developed a whole range of services for corporate clients: intelligent expense report management, remote expense authorization (according to country, time zone, retailers and more), and unlimited virtual bank cards. There are two types of cards: single-use, intended for a specific expense or transaction such as subscriptions or payment of a large sum; and payment limited cards, which can be rendered obsolete once the limit is exceeded. And they’re ultra-secure. So much so that you might question the need for physical cards.
Will virtual cards replace our plastic cards?
They still need fine-tuning. E-cards are reassuring for planned transactions, but are less convenient for impulse or emergency purchases – they have to be created before they can be used. The other issue to be ironed out is status: your bank card says a lot about you. Neo-banks and new players in banking made no mistake when creating and coming up with imaginative, technological and ethical designs to slip into our bags and wallets.
The Bottom Line
Payment means are constantly being reinvented and bank cards are no exception. Now they are going virtual and single-use for better security and to fight hacking.
Crédits photos : iStock, Manager.one