How to Get a Virtual Card in Digital Banking11 min read

How to Get a Virtual Card in Digital Banking11 min read

As payments get digitalized, the ability to get a virtual card through online banking companies such as The Kingdom Bank is becoming more popular. 

But, what is a virtual card and how does it work as opposed to a traditional debit or credit card? This post will explain the basics of virtual cards, how you can get one from The Kingdom Bank and the benefits of virtual cards when it comes to online payments.

A virtual card is an online or in-app copy of a physical debit/credit card. Virtual cards, in contrast, do not have a physical plastic card inside – they are only in digital form in online banking systems or mobile wallets.

If you generate a virtual card number, it is equivalent to a single use, disposable physical card. The card number expires upon completing an online transaction, which requires a new virtual number to be obtained in order to complete the next purchase. 

That is one more layer of security than simply typing the exact same physical card number over and over online.

Benefits of Using a Virtual Card in Digital Banking

For online payments, there are several reasons that a virtual card issued by The Kingdom Bank’s digital banking platform can make good sense.

Increased Security for Online Purchases

As we already mentioned, virtual cards are unique numbers that are canceled after each transaction. This decreases the likelihood of your card being stolen or defrauded if your number is stolen over the internet. With real-world cards, fraudsters can reuse numbers for multiple fake purchases over time.

Multi-Currency Payments Made Easy

With The Kingdom Bank, you can print virtual cards in various currencies and use them to easily pay for goods in those currencies while traveling. You don’t have to carry multiple physical cards or incur exchange rate costs.

Budget Control and Spending Limits

In contrast to a physical card, which is tied to your entire balance or credit limit, virtual cards let you customize spending limits per transaction or period. This prevents you from shopping online and overspending.

Convenience of Mobile Payments

The Kingdom Bank mobile banking apps enable you to make use of your virtual cards from any device. You won’t have to bring cards or type in long numbers yourself when doing online checkout.

Requirements for Getting a Virtual Card in Digital Banking

You can easily start with The Kingdom Bank virtual cards. 

Here are the basic requirements:

• You must have an active The Kingdom Bank online banking account. It takes just minutes to open an account online.
• You can download The Kingdom Bank mobile app on your iOS or Android and login to your account.
• Make sure you have a valid account and verified contact and ID information.
• Virtual card services may require turning on in app settings. Then create virtual cards as you need them.

All you need is a The Kingdom Bank account that you can open with our mobile banking app. From there, virtual cards are just a click away for instant online payments.

How to Set Up and Activate Your Virtual Card in Digital Banking?

Let’s review the standard process of establishing a virtual card on the online or mobile banking site of The Kingdom Bank:

• Log in to your account and click the “Cards” or “Payments” option on the menu.
• Click on “Add New Virtual Card” or “Generate New Virtual Card”.
• Select the new virtual card’s currency and payment network (Visa, Mastercard).
• Check out the transaction limits that will be assigned to the virtual card.
• Indicate your billing and shipping address for identification purposes.
• Accept the virtual card terms and conditions.
• Your 16 digit virtual card number will be displayed immediately. Observe the CVV security code, too.
• After the verification, the virtual card will be marked “Active”. You can now use it to pay online.

Where to Use Your Virtual Card in Digital Banking for Online Purchases?

Once set up, you can use your The Kingdom Bank virtual card virtually anywhere on the internet that takes credit or debit cards for payment. 

Here are some popular examples:

• Buying stuff online in thousands of merchant stores, from apparel to electronics.
• Making payments on bills, subscriptions and memberships using online payment systems.
• Buying apps, games and in-app purchases from the App Store and Google Play.
• Making reservations at internet travel agencies and airlines/hotels.
• Buying directly from the seller on a marketplace like Amazon and eBay.
• Gift cards, prepaid cards, or virtual wallets can be topped up directly from your virtual card.
• Contributing to causes or crowdfunding campaigns that accept card payments.

In effect, anywhere you would input the card number to make an online payment, you could instead print and use a virtual card issued by The Kingdom Bank.

Is It Safe to Use a Virtual Card in Digital Banking?

Virtual cards have certain distinct advantages over plastic cards when it comes to security:

• Limited use numbers protect against fraud even if your card is stolen in a data breach.
• You aren’t registering your permanent card with retailers, thus minimising risk.
• Card numbers can be lost at the end of a use, purchase, or a time period.
• Spending controls give you the flexibility to define accurate thresholds for each virtual card.
• The Kingdom Bank offers bank-level encryption and fraud monitoring on every card transaction.

However, virtual cards are only as safe as the devices you use them on. 

To maximize security:

• Always log into your The Kingdom Bank account from a secured device.
• Avoid public Wi-Fi networks if you want to purchase or pay online.
• Check your card statements for unauthorized charges.
• Add some additional security, such as biometrics or two-factor authentication, if possible.

Virtual cards are a safe thing to use, as long as you’re a little careful. It’s because of the additional controls they are potentially more secure than physical cards.

Virtual cards give easy and safe access to online purchases and payments via The Kingdom Bank’s online banking service. You create unique, or finite, virtual cards, thereby eliminating fraud in the event of your card details being stolen. 

The Kingdom Bank even lets you pay with virtual cards in any of the available currencies at competitive rates.

If you have not opened a The Kingdom Bank account, create one today and start using virtual cards. You can submit the entire application online in just a few minutes.

 Then download the mobile app and quickly create virtual cards for everything you do online like shopping, bills, donations, etc.