Credit cards are greatly evolving with time along with other payment methods as we step into the future. The virtual credit card is just like a traditional credit card which the bank gives you having a sixteen-digit number, expiry date, and a CVV number but in a virtual manner. This credit card allows you to do all transactions that a plastic card will let you do like paying at a terminal, paying bills, online payment, and cash withdrawals but the card is in a digital form. These cards also allow us to do online transactions by UPI or contactless payment by using our smartphones where generally the plastic cards have several limitations.
These cards are the future of credit cards because firstly they are very convenient and easy to carry as they will be in a digital form in your smartphone, unlike plastic cards which you have to carry physically which also has a chance to go missing.
Secondly, these cards can be used to make payments by using your smartphone’s NFC technology where you can just pay by a touch of your smartphone unlike the swiping procedure of payment of plastic cards which takes a lot of time.
Thirdly these cards can be used to make online payments or retail payments by using UPI which is generally not the case with plastic cards. UPI is the most common way of retail payment nowadays due to its no contact nature and immediate settlement. With a virtual card, we can simply scan the QR code provided by a retail outlet and make payment by UPI whereas, in a plastic card the POS terminus a must for payment which is both inconvenient and costly for the merchant.
Fourthly these cards give you additional safety from common frauds of card cloning or skimming as in the case of plastic cards as the virtual card is digital and its encrypted data is impossible to clone. Lastly, one of the most alarming threats in today’s world is pollution usage of plastic cards cause waste as we tend to throw plastic cards after expiry which, pollutes the environment and also for the manufacturing of these cards we also pollute the nature hence, for sustainable development of our ecosystem it is a must.
With so many evident advantages over plastic cards, we can definitely consider virtual cards as the future of credit cards in comparison to their plastic counterpart. These cards not only are convenient for the customers but also for the banks as the banks can save a lot on their operational cost for printing these cards by switching to virtual cards thus increasing their profitability. Hence with all these points, we can indeed conclude that virtual cards are the future of credit cards.