What is a virtual card? How do they work?

Virtual cards are digital-only versions of credit or debit cards designed mainly for online transactions, subscriptions, and business payments, with unique card numbers linked to a central funding source. Businesses can create multiple cards quickly, assign spending limits, expiration dates, merchant-category restrictions, and disposable single-use numbers, while monitoring transactions in real time and freezing or cancelling cards when necessary. These features can improve fraud protection, expense control, reconciliation, budgeting, and employee purchasing processes, particularly for international or recurring expenses. Unlike mobile wallets and payment apps, which store payment methods and enable in-store tap-to-pay or QR-code transactions, virtual cards are the underlying payment instruments and can be added to those platforms for broader use. The text argues that growing digital B2B commerce is increasing virtual-card adoption and presents Airwallex’s virtual Visa card as an option for multi-currency company spending with no stated domestic or international transaction fees.

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