Use cases 

Secure online payments for all/some card products 

  • A virtual card can be generated and shared to the user right after opening an account or applying for a credit line, offering immediate access to payment capacity – a feature greatly appreciated while waiting for a physical card in the mail,
  • This is another use case that speaks highly in favor of virtual payment cards: in case of a lost or stolen physical card, virtual cards offer a great alternative or temporary solution. They can be requested and generated on-demand, anytime and anywhere in the mobile banking app,
  • A virtual card can be used in the context of one-time guest checkout or card-on-file registration for recurring payments,
  • A virtual card can be seen as an additional security method to secure remote payments, and coexist with a physical card (both related to the same funding PAN). Complementary to physical payment cards, in particular to numberless cards, virtual cards make online payments safer and put cardholders in control (full numberless physical card or “CVV-less” only).

Creating a virtual card for relatives or offering a gift card 

  • Users can generate virtual card with a given array of settings, like the maximum amount allowed to offer a gift card to a friend. The benefactor only has to select an amount and communicate the virtual card number to the beneficiary,
  • It is also true for relatives, such as for kids, for whom the cardholder can easily generate a virtual card with a predefined amount and/or a limited timeframe. A cardholder can also create a virtual card dedicated – and limited to – a specific merchant to control spending. The cardholder can also follow the cumulative amount used by the relative and top up the card when needed.

Corporate cards 

  • In the professional context, virtual cards can be created and made available for a given employee for a given use case such as a business trip or event organization; they thus offer a great alternative to both physical corporate cards and the use of personal payment cards for business purposes,
  • Made available instantly, they greatly simplify the organization and funding of business trips, removing the need to undergo tedious reimbursement processes, while giving the business improved visibility on spending, as well as more control on spending limits. And there is still no hassle in having the cards mailed, delivered, received, carried, or destroyed.

COVID-related use cases 

The COVID-19 pandemic is having a profound impact on the banking and payment industry as safety measures and lowdowns have fundamentally impacted people’s daily lives. Today, the impact of the pandemic is accelerating digital transformation roadmaps as card issuers race to significantly upgrade their digital services and propose new payment related features from their mobile banking app.

Virtual card numbers are a wonderful tool to distribute funds such as stimulus and give consumers access to payment capacity. It avoids queue at bank branches and ATMs. These virtual cards could be used for online payments but also in-store via QR code to pay or cash out money.