Philippines Virtual Payment Cards

by Ronel Forbes

April 28, 2022

One of the simplest and most convenient methods to shop is to pay online. All you have to do is download an app, select a biller, and pay immediately.

Spending has made it easier for customers and enterprises to conduct business in a more clear manner than it has ever been before.

You can either receive an e-Wallet account or a virtual payment card when you pay online. Virtual payment cards are identical to the actual cards we are familiar with. The only distinction is that you don’t need a physical card to transact.

In this article, you’ll learn more about virtual payment cards, including how they function, the advantages they provide, and more. In addition, we’ve highlighted the best virtual pay cards available in the Philippines. Let’s get started without further ado.

What are Virtual Payment Cards?

You can get one via a bank or a financial app. Virtual payment cards are non-physical debit or credit cards designed for internet purchases.

The biggest difference between virtual and physical payment cards is that you do not need to open an account with a bank. Instead, simply go to their website and fill out an application for a virtual card.

Like a regular bank card, this virtual card has a 16-digit number, a verification number, and an expiration date. The same companies that supply physical cards also produce virtual payment cards. It may be in the form of a Visa, Mastercard, or American Express card.

Another distinction between virtual and physical cards is that owners have more control over them. You can choose your currency using virtual payment cards based on your needs. Physical cards, on the other hand, can only support your country’s currency.

You can also set your own spending restriction.

There are bank accounts, for example, where a spending restriction is set based on the type of card issued to the customer. Your spending limit is in your control with virtual payment cards. The best thing about virtual pay cards is that they give businesses and customers a simple and handy way to transact without having to use a physical card.

It gives people another alternative for paying for their products if they don’t have a credit/debit card or can’t pay with cash.

How do they work?

Virtual pay cards function in the same way as physical bank cards do. You can use it to pay bills and buy things. The distinction is in the process of obtaining one.

To obtain a virtual payment card, you must first log into your online bank or another bank of your choice. Following that, you must submit an application for a virtual payment card.

The software will then generate a card number, expiration date, and security code that is linked to your current account.

Once you have the virtual card information, you can use it by logging into the app or their online banking website. You can also generate as many random numbers as you want for use in online transactions.

You can also establish a daily or weekly spending limit on the card number.

Virtual pay cards have the following advantages:

Virtual payment cards have a number of advantages, including complete control over your spending limit and the ease they enable. The benefits of virtual payment cards will be discussed in this section:

Virtual credit cards are safe to use.

Virtual payment cards, as opposed to real cards, cash, and check payments, provide a higher level of security. Why? You don’t have to give your bank account number because you don’t have to.

You simply need to generate a 16-digit card number and utilize it when transacting with virtual payment cards. In this manner, the transaction information you submit will never be linked to your bank account.

The generated code, on the other hand, is only good for one-time use and may only be used to designate a certain amount to a virtual payment card.

Furthermore, virtual payment cards are restricted to a set amount, time limit, and maximum spending restriction. It means that if someone tries to take your virtual card number outside of the time range or with insufficient information, they will be unable to make a transaction with it.

Finally, the virtual payment card’s created number is unrelated to any physical card. This makes online transactions safer and more secure for clients.

It also offers real-time protection, which adds an extra degree of security when dealing with financial transactions over the internet.

It’s simple to keep track of and manage financial transactions.

Distributing virtual payment cards to your employees, vendors, and suppliers is easier than assigning actual cards and similar ways of payment.

Furthermore, because generated numbers are always unique, you can track each transaction. Keep in mind that any purchases or payments made with your virtual card will display on your card management system automatically.

There’s a lot of room here to reduce the amount of time your accounting manager spends looking for expenditure bills. Because each payment is tied to the specific team member who made the transaction, tracking and settling transactions are simple.

It’s simple to set up virtual payment cards.

The process of applying for a virtual payment card is simple and uncomplicated. Everything you’ll be needed to give and submit can be completed on the vendor’s website during enrollment.

Financial reconciliation is aided by virtual payment cards.

Virtual payment cards make it easier for accounting personnel to keep track of and manage transactions because they are so simple to track and administer.

There’s no need to spend time, money, or effort trying to figure out the intricacies of certain transactions when all reports are immediately accessible online. You can also assign virtual payment cards to a specific person, a specific division, a specific supplier, a specific merchant, a specific client, or a specific local spending number.

This feature makes all transactions transparent and easy to follow. Virtual payment cards enable real-time transaction authorization.

You may approve or deny transaction requests in real-time using virtual payment cards, which eliminates purchase bottlenecks in your company’s operation.

Furthermore, because urgent purchases/transactions can be allowed in real-time, your staff will not be compelled to incur out-of-pocket charges in order to complete the transaction. As a result, reimbursements (which can be time-consuming for both the firm and the individual) can be greatly reduced, if not entirely eliminated.

Reduces the amount of manual labor required.

Using virtual cards to make purchases might assist boost productivity by freeing up resources that would otherwise be used for financial operations that require manual effort.

Additionally, this method benefits in the reduction of human error.

Philippines’ Best Virtual Pay Cards

There are numerous virtual payment cards available in the Philippines. The majority of them are issued by e-wallet providers rather than banks.

This section will show you the best virtual pay cards available in the Philippines.

Gcash AMEX Virtual Pay
Grab Pay Card
BDO Virtual Card
ING Virtual Card
PayMaya Virtual Card
ALLHOME VIrtual Card
BPI Virtual Card

Last Thoughts

To summarize, virtual cards are extremely beneficial to both individuals and different firms.