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What is an instant virtual debit card for business and how can I create one?

What is an instant virtual debit card for business and how can I create one?
Photo by Joshua Mayo / Unsplash

The increase in global companies and digitalization thanks to technology caused a decrease in the use of traditional payment methods such as cash and check. Therefore, card payments gradually increased and gained importance. Security problems in card payments revealed the need for virtual debit cards.

The virtual debit card can be used to manage and track online shopping, business transactions, company income and expenses, subscriptions, employee salaries and more. These cards are prepaid cards with a unique 16-digit number.

Virtual debit cards have many advantages and are therefore often preferred. It is also much safer than physical debit or credit cards as the number is not linked to your personal information. Besides, it makes it easier for you to control your expenses. You can easily manage your expenses by transferring only the amount of money you want to make to your virtual card.

How to use virtual debit card?

Virtual debit card usage is the same as any physical debit card. We can say that it is the digital version of physical cards. When making a purchase, the money is transferred from your account to the seller's account. Just like with physical cards. In addition, users can set spending limits on virtual cards.

The numbers of virtual cards are temporary. It can also be changed whenever you want. In this way, you can have a new card number without the need to open a new account. In this way, virtual debit cards provide an extra secure solution for your business transactions, spending, payments and more.

If you want to have a virtual card, you can create your card through multiple card issuers, banks and only digital banks. With these banks, you can create a virtual card as you wish after opening an account.

There is another important advantage of virtual cards that is not talked about much. The advantage is: You can use cards anywhere in the world, regardless of your geographic location! All you need is an internet connection!

How do I pay with a virtual debit card?

Paying with a virtual debit card is no different than making an online transaction with your physical card. When making a payment, it is sufficient to enter the information of your virtual card produced for you instead of the card information written on your physical card. You do not need to take any extra action.

If you are a business owner, it would be wise for you to use a virtual card to pay your employees, suppliers and contractors. You can use these cards to subscribe to online services for your company, make payments, pay for digital expenses such as advertising spend.

Banks offering virtual debit cards

You can choose mobile banks, digital banks or traditional banks to have virtual cards. Wise, Revolut, wamo, Payoneer etc. banks such as these can be examples of mobile banks. These banks operate without any physical location but offer you better benefits. When you create a virtual debit card and create an account with them, you can manage your accounts on smartphones or online.

Create a virtual debit card in 10 minutes with wamo!

There are numerous banks for you to create virtual debit cards for your business. It is difficult to open a virtual card and business account in many of these banks. Some take time to apply, some can be expensive, and some may even require you to pass a credit check.

But with wamo you can create your virtual debit card instantly. Creating a virtual card with wamo is quick and easy. It only takes 10 minutes to open a business account and instantly create a virtual debit card. Moreover, you do not have to go through credit checks or deal with a minimum balance limit when opening an account with wamo.

The wamo account for businesses has other advantages as well. You can categorize your payments thanks to wamo's sub-account feature. You can create virtual cards linked to this sub-account by opening separate sub-accounts for your expense items. In this way, you can keep all your expenses under control. Also, you can use wamo's virtual debit cards anywhere in the world.

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Jamie Larson