What is a virtual card? Everything you need to know about virtual cards that you may not know.

With the digital transformation of banks, virtual cards have emerged and become a popular financial product in recent years. So what exactly are virtual cards? In this article, we will provide you with all the details about virtual cards.

What are Virtual Cards? Types of Virtual Cards

Virtual cards are digitalized versions of physical cards issued by banks. These cards do not exist in physical form. They contain all the necessary information such as cardholder’s name, expiration date, card number, CVV, and other details. Virtual cards are used for online payments on various online platforms. Users can use virtual cards through the digital banking applications provided by their banks.

Similar to physical cards, virtual cards can be divided into two types: virtual credit cards and virtual debit cards.

• Virtual Credit Cards: These cards are pre-issued by banks with a credit limit for users to make purchases. They function similarly to physical credit cards in terms of features and operations. However, some banks may allow changing the CVV code after each transaction for virtual credit cards.
• Virtual Debit Cards: These cards are directly linked to users’ debit accounts, allowing them to spend only the amount available in their accounts. They have all the functionalities of physical debit cards, including fund transfers, ATM withdrawals, and online payments through internet banking applications.

Advantages of Virtual Cards over Traditional Physical Cards

Virtual cards, despite being introduced later than physical cards, offer similar functionalities and even more advantages. The following comparison table provides an overview of the advantages of virtual cards over physical cards:

As shown in the table, virtual cards offer similar functionalities to physical cards and even have higher security compared to traditional physical cards. It is the superior functionality and fast card issuance that make virtual cards increasingly popular and encouraged by banks.

Conditions for Issuing Virtual Cards

The conditions for issuing virtual debit cards at VPBank, Agribank, Vietcombank, Techcombank, BIDV, Vietinbank, and other banks may vary according to each bank’s policies. However, the general conditions for issuing virtual debit cards include:

• Being Vietnamese citizens
• Being at least 15 years old (calculated based on the date of birth)
• Having full legal capacity
• Meeting the document requirements of the bank (citizen identification card, passport, etc.)

The conditions for issuing virtual credit cards may have slight differences and typically include:

• Being Vietnamese citizens
• Being at least 18 or 22 years old (depending on the bank’s policies)
• Providing financial documents (employment contract, employment confirmation, salary account statements, collateral assets, etc.)

Guide to Opening and Activating Virtual Cards from Banks

How to Open VPBank Virtual Cards

To open a virtual card from VPBank (Vietnam Prosperity Bank), you need to register for an account and install the VPBank NEO application. Then, follow these steps:

• Step 1: Log in to the VPBank NEO application.
• Step 2: On the homepage, select “Cards” to enter the Card Zone and choose “Credit Cards” or “Debit Cards”.
• Step 3: Click on “Open Credit/Debit Card” and fill in the cardholder’s information.
• Step 4: Check the box “Open virtual card” and confirm.

How to Open Vietinbank Virtual Cards

Vietinbank is one of the leading banks in issuing virtual cards. The bank offers a wide range of virtual card products and allows users to open virtual cards online through the Vietinbank iPay application. To register for a Vietinbank virtual card, follow these steps:

• Step 1: Log in to the Vietinbank iPay application and select “Card Services”.
• Step 2: Choose the type of card you want to issue and click “Open Card”.
• Step 3: Check the box “Virtual card” and fill in the cardholder’s information. Also, select the managing branch or referral code if available.
• Step 4: After reading the terms and conditions, check the boxes “I have read and understood” and “I agree to” and click “Continue”.
• Step 5: Double-check the cardholder’s information, enter the OTP, and click “Confirm” and “Complete”.

How to Open Vietcombank Virtual Cards

You can open Vietcombank virtual cards through the VCB Digibank application by following these steps:

• Step 1: Log in to the VCB Digibank application, scroll down to the Card section, and select “Card Issuance/Conversion”.
• Step 2: Choose “Issuance of virtual debit cards” and provide all the necessary information.
• Step 3: Tick the box “I have read, understood, agreed, and committed…” and click “Continue”.
• Step 4: At the confirmation step, double-check the information and select SMS OTP as the verification method, then click “Confirm”.

Methods to Activate Virtual Cards

There are several ways to activate virtual cards: through the bank’s application, via SMS, or by calling the bank’s hotline.

• Method 1: Activate Virtual Cards through the Bank’s Application: Log in to the bank’s application, select “Card Services,” choose the card you want to activate, click “Activate Card,” enter the PIN and OTP, and proceed. Enter the OTP received via SMS to complete the activation.
• Method 2: Activate Cards via SMS: To activate the card via SMS, you need to compose a message using the bank’s format. Each SMS message may incur a fee of 1,000 VND – 1,500 VND per message.
• Method 3: Call the Bank’s Hotline: Before calling the hotline to request card activation, prepare the necessary information including the registration documents and card number.

Guide to Withdrawing and Making Payments with Virtual Cards

To withdraw cash with a virtual card, follow these steps:

• Step 1: Access the bank’s application and select the QR code scanning feature.
• Step 2: Press Enter on the screen and select the language, then choose “Withdraw Cash by QR Code”.
• Step 3: Scan the QR code on the ATM machine and select the card source and the amount to withdraw.
• Step 4: Enter the OTP and receive the cash.

To make payments with a virtual card:

There are two methods: integrating the card’s information on the website or shopping app, or scanning the QR code at the store for payment.

• Step 1: Log in to the digital banking application and select “Payment by QR Code”.
• Step 2: Scan the payment QR code at the store and select the card as the payment source.
• Step 3: Enter the payment amount and enter the password/OTP to confirm the payment.

Conclusion

This article has provided you with information about virtual cards, including what they are, how to register, make payments, and activate virtual cards. Hopefully, with this information, you can easily choose the right virtual card product for your needs.