Virtual debit card: The future of card payments

5 MinsDec 23, 2020

Ever since their introduction, payment cards have made financial transactions easier for everyone.Debit cards give you easy access to the funds in your bank account and credit cards make availing a line of credit just a swipe away. One of the latest innovations in this area has been the introduction of virtual cards. Many banks have started providing account-linked virtual payment cards which bring a world of benefits. For example, the Full Power Digital Savings account from Axis Bank - a type of savings account - comes with its own e-debit card alongside the physical Online Rewards card. Here are some compelling reasons why you should get yourself a virtual debit card now.

virtual debit card

Instant activation

While your bank account comes with a physical debit card, it usually takes a few days to reach you, because the bank couriers the card to your house. For safety reasons, the password is usually sent a couple of days later. This means that precious time is lost waiting for the card to be activated and before you can enjoy the benefits that come with the bank account. A virtual debit card overcomes this drawback by providing instant activation. For the Axis Bank Full Power Digital Savings Account, the e-debit card is usable from the moment the account is activated. This helps you make purchases and online payments immediately. It also helps you activate connected services like mobile and internet banking without any delay.

Safety and security

Since there is no physical card, there is no fear of it being stolen or misplaced and hence, being misused. Cloning and using it at a Point-of-Sale is also out of the question. Even if you have several virtual cards - multiple debit and credit cards included - they are easy to manage as details of all your cards will exist online and not in your wallet. It reduces the risk of losing your wallet too as you can skip carrying one entirely. If you do need cash, the e-debit card allows cardless cash withdrawal at ATMs too. 

[Also Read: What is Virtual Card? 10 Benefits of Having a Virtual Card]

Easy blocking and unblocking

When you suspect misuse with a physical card, blocking or cancelling it may be cumbersome. Getting a new physical card reissued, delivered and activated can take days. With a virtual card like the e-debit card that comes with the Axis Full Power Digital Savings account, cancelling and reissuing is quick and immediate. This makes the card easily replaceable and keeps your account safe from security incidents on websites where you might have saved its details. Without the involvement of a physical card, all your blocking and unblocking requests are processed instantaneously. 

Shopping benefits and reward points

The right virtual debit and credit cards come with a range of additional benefits and reward points for you. For example, Axis Bank’s e-debit card with the Full Power Digital Savings account gives you a free Times Prime membership on successful completion of 3 transactions within 60 days of account opening. You get Flat 3% & Flat 5% cashback on Amazon & up to 15% cashback on Grab Deals, on all your cards .There’s also a range of cashback offers available that make online shopping more rewarding.

An e-debit card will only work well when paired with the right digital savings account that can complement its features. The Axis Bank Full Power Savings account is packed to the brim with features and benefits for every user, which includes a rewarding and efficient virtual debit card. If you want to try out these benefits for yourself, click here.

Disclaimer: This article has been authored by Siddharth Parwatay, a Mumbai based independent tech-journalist, editor, and content-creator. Axis Bank doesn't influence the views of the author in any way. Axis Bank and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision