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What is a Virtual Debit Card? How is it Different From a Physical Debit Card?

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Created on
June 28, 2023

Summary

What’s Inside

Virtual debit cards have become a popular way to shop online and make digital payments. They're safe, convenient, and you can even link them to e-payment apps for contactless payments in stores. In this blog, we'll dive into what virtual debit cards are, how to get and use them, their advantages, and more.

What is a Virtual Debit Card?

Wondering what virtual debit cards are? They're like regular debit cards, but completely digital! This means you can use them for online shopping and digital payments without worrying about carrying a physical card. Virtual debit cards are issued by banks and linked to your primary bank account, making them a secure and convenient way to make transactions.

How to Get a Virtual Debit Card?

  • Choose a bank and compare fees, features, and benefits
  • Open an account online by providing basic personal information and completing your KYC
  • Activate your account and Debit Card using the PIN or other details given by the bank.
  • Start using your Virtual Debit Card

How to Use a Virtual Debit Card?

Using a virtual debit card is super easy and convenient. It's just like using a regular debit card, except it's purely for online or digital transactions. Once your virtual debit card is activated, the bank will give you all the details, like the card number, expiration date, and CVV code. When you're shopping online, just choose the option to pay with a debit card and enter your virtual debit card details. If you want to use it in a store, just link it to your favorite e-payment app and make contactless payments at compatible point-of-sale (POS) terminals. It's that simple!

Advantages of Virtual Debit Cards

Security and Privacy

Virtual debit cards are more secure than traditional debit cards. They use better protection and can detect fraud when you buy things online.

Convenience

Virtual debit cards allow for quick and convenient payments anytime, anywhere. No need to carry a physical card or worry about misplacing it.

Quick and Instant Setup

Getting a virtual debit card is easy. You can usually do it online, without filling out lots of forms or going to a bank.

Virtual vs Physical Debit Cards

Feature

Virtual Debit Card

Physical Debit Card

Security

More secure with better protection and fraud detection

Less secure with higher risk of theft

Convenience

Quick and easy payments anytime, anywhere

Requires carrying physical card

Availability

Quick and easy setup online. Ready to use instantly

You need to wait for the card to be delivered to your registered address.

Privacy

Offers more privacy by not revealing physical card information

Card information may be stolen or compromised

Conclusion

Virtual debit cards are a great way to make online payments. They're very secure and convenient. You don't have to carry a physical card or share sensitive information.

They offer a lot of benefits, including enhanced security, privacy, and quick setup. You can even use them for contactless payments at certain point-of-sale terminals by linking your card to your favorite e-payment app.

If you're thinking about getting one, make sure to compare fees, features, and benefits from different banks before making a decision. And always remember to be informed and careful with your financial transactions to have a safe and hassle-free experience using virtual debit cards.

Get yourself a virtual Fi-Federal Debit Card

If you're looking for a virtual debit card, you might want to check out the Fi-Federal co-branded debit card. Users on account plans like Plus & Standard get a free Virtual Debit Card! These user can order one for ₹299+GST. Moreover, there are no annual fees for the Debit Card — if you are on the Infinite plan or a Fi Salary Program user.
While you wait for the physical version to be shipped to your address, you can explore the cool benefits like no Forex fees on certain plans, the ability to make contactless payments with 'Tap and Pay,' and adjustable transaction limits through the app. Plus, you can score some sweet deals from top brands in food, shopping, travel, and entertainment. And if you're someone who struggles with sticking to a budget, you'll love the ability to easily freeze or unfreeze your card from the app. 

Frequently Asked Questions

1. How to generate a virtual debit card?

To get a virtual debit card, choose a bank and compare fees, features, and benefits. Then, open an account online and activate your card using the PIN or other details provided by the bank. Once activated, the bank will give you all the details like the card number, expiration date, and CVV code. Use these details to make online payments and digital transactions.

2. 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. Physical debit cards require carrying a card and have a higher risk of theft. They also need to be delivered to your registered address to be available for use.

Disclaimer

Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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