6/24/2023 0 Comments Virtual debit card![]() And of course, debit cards can be far more convenient and secure than carrying large amounts of cash around. | Suits Me® Card is a TA of Suits Me® Limited.Ĭopyright © 2021 Suits Me® All Rights Reserved.We’re all pretty used to using a physical debit card to make cash withdrawals, and to spend in person and online whenever we shop. The Old Shippon, Moseley Hall Farm, Chelford Road, Knutsford, Cheshire, WA16 8RB. Suits Me® Limited is registered in England and Wales, with registration number: 07349753 | Suits Me® is registered with the Information Commissioner’s Office (ICO) under registration reference: ZA237140. Further details can be found on our Pricing and Terms & Conditions pages. We ensure that any funds received by you are held in a segregated account so that in the unlikely event that PrePay Technologies Limited becomes insolvent your funds will be protected against claims made by creditors. Suits Me® is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. PrePay Technologies Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments. Suits Me® Card is issued by PrePay Technologies Limited pursuant to a licence by Mastercard® International. However, even with auto-fill, you may still be required to authorise the payment using a fingerprint, PIN or CSC code from your physical card. When using your virtual debit card to pay for something online with your phone may also be a security concern. This means that using the virtual debit card on your phone for contactless transactions will prove difficult for someone else. Some payment apps, such as Google Pay, may also require the same sort measures to access them or a PIN. That is just to unlock the phone in the first place. For a start, what if someone gets a hold of your phone and you have a few different cards stored on it? Most smartphones nowadays come with biometric security measures such as fingerprint and face recognition. With greater convenience of use, virtual debit cards do come with a few security concerns. Security Concerns Over Virtual Debit Cards ![]() If you have the details stored on your phone, you may have the option of creating an auto-fill for purchases that you make on your phone, although there will be added security measures in top of this. You can also use a virtual debit card to pay for items online on your phone. Some of the virtual cards which are offered by fintech banks may allow transactions beyond this. ![]() When using your virtual debit card in this way, you will be limited to the maximum contactless spend, which is currently at £100. Any payment device which allows for contactless payments can receive payments from a virtual debit card. You can use it to pay for items in-store by holding it over the payment device. How do I Use a Virtual Debit Card?Ī virtual debit card can be used in much the same way as you use a physical contactless debit card. Companies such as Monzo and Revolut offer you the chance to download their app, open a new account and get a virtual debit card all with the use of your phone. ![]() Many fintech or so-called challenger banks, which exist purely in digital form, also offer virtual debit cards. You can store your virtual debit card in a digital wallet on your smartphone or link it to a mobile payment app such as Apple Pay or Google Pay. A virtual debit card will have a 16-digit number and expiry date on it just like your normal debit card. Many of the major banks in the UK have debit cards which you can create virtual versions for on your mobile device. What’s a Virtual Debit Card?Ī virtual debit card is one which is linked to your banking account but which is stored on your smartphone. This is due to a rise in the use of virtual debit cards. However, the days of carrying a physical card around in your wallet may themselves be numbered. For decades now, we have become familiar with using a plastic card to pay for items, whether it’s with a signature, a swipe, entering a PIN or, in recent years, a tap.ĭebit cards and credit cards have been around so long now that it is hard to imagine life without them.
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