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Five Benefits of Updating Your Credit Cards to Digital Wallets

Five Benefits of Updating Your Credit Cards to Digital Wallets





Virtual cards slowly replace traditional credit cards in today’s digital age, an ongoing transition intrinsically linked to payment digitalization and underlying card technologies.  

Mansplaining the point

A traditional credit card is “a payment instrument that allows cardholders/ consumers to borrow money to pay for products and services and make deferred payments for their purchases in exchange for monthly interest payments based on the amount owed.”  

Conversely, a mobile virtual card is a digital version of a credit card atypically accessed through a mobile device or computer applied for various transactions, including online shopping, bill payments, and peer-to-peer payments.  

In themselves, digital wallets are unique, one-time-use credit card numbers generated for a specific transaction, providing added security for online purchases and protecting the actual credit card information from potential fraud.

The five main benefits of being virtual 

The following bullet points highlight the five main benefits of updating your credit card  to one that is digital and virtual: 

  • Easy to use: Creating and using virtual credit cards is straightforward. You can generate a virtual credit card number through your credit card issuer’s mobile app or online portal, making it easier to use the virtual card for online purchases without physically presenting your “credit card.” 
  • Increased flexibility: Virtual cards provide flexibility to make purchases “on the go” without needing to carry your physical credit card. This flexibility is especially beneficial for those who frequently travel because virtual credit cards can be generated accordingly and used globally.   
  • Enhanced security: With a virtual card, your actual credit card information is never shared with the merchant, eliminating the risk of personal information being stolen in the event of a data breach. Moreover, you can set spending limits and expiration dates on your virtual cards, giving you complete autonomy over your transactions.  
  • Better budgeting: With virtual cards, an individual can set spending limits, helping to stick to a budget, which is particularly helpful for large purchases, such as booking a hotel room or plane ticket, as you can limit the amount of money charged to your virtual card.  
  • Simplified reconciliation: Virtual credit cards make tracking and reconciling your purchases easier, linked to specific transactions, saving time and effort when reconciling your [credit] card statements, simplifying the monitoring of your spending, and keeping up with your finances. 

In conclusion

Updating your credit cards to virtuality is an educated, intelligent, and secure way to manage your finances. For many years, FinTech Youtap has been at the forefront of developing and innovating digital, [mobile, and virtual] wallets.

Youtap has created a white-label digital wallet and a companion card solution. This pre-built system can access the platform and digital services through [Youtap’s] white-label website or digital banking applications. Their digitalized and virtual solutions add security, flexibility, and ease to anyone looking to streamline how they pay while protecting their personal information.  

So, why wait? Upgrade your credit cards to one that is virtual, and start enjoying the many benefits they offer.

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