The benefits of virtual debit and credit cards in 2023

Virtual payment cards are digital credit or debit cards with generated card numbers, verification codes, and expiry dates that can be used wherever major card networks are accepted. They allow businesses to set spending limits, select currencies, restrict merchant categories, and issue individual cards to employees, potentially reducing administrative delays and improving budget oversight. Virtual credit cards provide access to credit and may offer rewards, while virtual debit cards draw directly from a funded bank account; both can be quickly cancelled if compromised and reduce risks associated with carrying physical cards. Potential drawbacks include fees and interest on credit cards, foreign transaction charges, cybersecurity risks, limited funds for debit-card purchases, and complications with refunds after cards expire. Airwallex promotes its virtual multi-currency cards as a business option with online setup, no monthly or international transaction fees, while noting that users should consider their individual financial circumstances and review relevant disclosures.

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