Virtual credit cards - How they work

Making cashless purchases by paying with a mobile phone is becoming increasingly common. So is the use of virtual credit cards. Here we look at everything from digital credit cards to how mobile payments actually work.

What are virtual credit cards?

A virtual credit card means that your credit card is linked to your mobile phone, so you don't have to carry your physical card or cash with you. The virtual card acts as a digital version of your physical credit card. It stores the same information, but in a mobile application instead of on a physical card. By using a payment card on a mobile phone, you can make payments in physical stores, online and other transactions. 

How to get a payment card on your phone

To start using payment cards on your phone, you first need a digital wallet. Two examples of secure and convenient digital wallets are Apple Pay and Google Pay. They can be downloaded to your phone from the App Store and Google Play.

When you register in the application, a digital card is created and linked to your existing credit card. Once the payment card is linked to the digital wallet, you then have a card available on your mobile phone at all times.

High security with mobile payment cards

Mobile payments via virtual credit cards are widely considered to be very secure. This is thanks to security aspects such as facial and fingerprint authentication, encryption technology and tokenization. As your card number also does not need to be shown or entered, the risk of fraud and theft of your personal information is reduced. Moreover, it is more difficult for someone to steal your virtual card as it does not exist in physical form.

Costs and fees for virtual credit cards

Digital wallets such as Apple Pay and Google Pay are free to download on your phone. These are completely free to use and neither the card issuer nor the app charges an additional transaction fee for this payment method.

Flip with your mobile phone

By using a digital credit card instead of your physical card, you can easily pay with your phone by tapping it against a card reader or NFC device. It is both convenient and secure, making it a popular choice among many consumers today.

There are many advantages to paying by mobile phone. Apart from the practical aspect of not having to carry your physical card with you, it is also a more secure option. If your phone is lost or stolen, you still have access to your virtual card and can block it to prevent unauthorized purchases. The ability to pay with your mobile phone is a convenient and secure method that can be used by businesses and individuals alike. 

Mynt makes it easy to pay by mobile phone

Mobile payments have become an increasingly common method of payment and the virtual card makes the process even smoother and more secure. Mynt offers both physical and virtual credit cards for businesses with high security and flexible credit. But there are also more benefits associated with the card. The card makes it easy to set individual credit limits for each employee, upload receipts and track spending in real time. Within a company, it gives you the opportunity to reduce the time you spend on your day-to-day accounting so you can focus on other things.

More about Mynts business cards .