Virtual debit cards for businesses in Singapore

When the first debit card was released, it was an instant hit. Debit cards have been used to conduct innumerable transactions all around the world since their inception. However, the debit card, like the rest of the world, has developed. The virtual debit card is the superior replacement to the physical prepaid debit card, thanks to the digital revolution.

What are virtual debit cards?

A virtual debit card functions similarly to a traditional debit card, but in a digital or virtual format. It may store the same information and funds as a traditional debit card. These cards can be issued by a bank or an authorised SaaS provider and accessed through the provider's mobile or web-based application.

They can be used to make any purchase that a traditional debit card can. Virtual debit cards can be used in any shop that accepts chip-enabled cards, but they cannot be used to make in-store purchases or withdrawals from ATMs.

virtual debit cards

Business virtual debit cards for secure online payment

Virtual debit cards are becoming increasingly popular, owing to the additional layers of protection they provide. These cards have proven to be a more safer way to handle payments. Let's examine why this is the case and what makes virtual debit cards such a secure and efficient option:

Block and deactivate virtual debit card

With just a few mouse clicks, virtual debit cards can be blocked, frozen, or disabled. To do this with a physical debit card, you'd need to contact your bank and follow their procedures before banning or deactivating it. If, on the other hand, fraudulent conduct is carried out online using a virtual card, you will receive rapid notification and will be able to block the card straight through your provider's card management platform.

Real-time transaction access

With a real debit card, you'd usually have to check your end-of-month statement to see what transactions were made with that card. This is especially harmful in the case of card misuse because it prevents you from taking disciplinary actions to protect your finances in a timely manner.

Virtual debit cards, on the other hand, are linked to expenditure management software that continuously records and reconciles transactions. This means that as soon as you make a purchase, it is logged and shown on a platform. Real-time visibility allows you to detect fraudulent behaviour at its source and prevent it from causing financial harm before it is too late.

Reduce internal and external fraud

Virtual payment cards with features like one-time debit cards and two-factor verification have an added layer of protection. They provide exceptional protection from both internal and external fraud when they work together.

You can create a card for each online retailer using a one-time debit card (AWS, Google, LinkedIn, etc.). Because each virtual debit card number is unique, any fraudulent activity will be limited to that card.

Fast and secure online payments

It is possible to use a virtual prepaid debit card as soon as it is generated, which is also instantaneous. Because the card is virtual, they're especially well-suited to making online purchases. It's saved on your phone, and you can use it to make a transaction right away.

Unlike a real card, which requires manual entry of information, virtual prepaid debit cards can be used to make online payments from your phone, with only a few clicks.

Personalized expense management

The customizability of virtual cards might help you secure your virtual spending even more. From a single control centre, you can manage all of your virtual payment cards. You can access and set certain settings using this control centre, which will then activate or cancel payments according to your instructions.

You can use this function to set up regular payments, avoid having extra amounts charged to your cards, and reduce the time it takes to manually verify and approve payments.

Data backup and storage

The information you collect from your virtual purchases made with these cards is securely saved in the cloud. Online security protects all transactions, supporting documents, and data against loss or harm. Furthermore, anyone with login credentials, a functional device, and internet connection can access cloud storage from anywhere.

Enhanced security

Virtual card providers, such as Volopay, never save any of the personal information you provide onto their systems. The 3DS protocol also ensures that each transaction is secure. To ensure complete security, these payment applications are subjected to regular and thorough Vulnerability Assessment and Penetration Testing (VAPT).

Want to streamline your business spending with virtual debit cards?

Why you should choose Volopay debit cards for your business?

Quick and easy money transfer

With just a few clicks, you may transfer funds and top up your cards from anywhere at any time. Simply top up your BillPay account and distribute funds to individual virtual debit cards as needed. Instant payments are a breeze with the Volopay virtual debit card.

Real-time visibility

Track your spending in real time to ensure that nothing false goes undetected again. Spending is simple with Volopay, reconciliation is rapid, and data are as comprehensive as they come.

Subscription management

You'll never have to be concerned about missing a monthly payment again. Set up recurring payments with criteria that you can customise to meet your specific needs.

Added security

Cloud-protected data, layers of bank-level security, and regular, rigorous testing are just a few of the actions we take and lengths we go to ensure your data is safe and secure.

FAQs on virtual cards

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