Why Virtual Cards are the Future of Online Shopping in the UAE

With the Middle East experiencing a staggering 30% yearly growth in digital payments, it has led to the development of virtual credit cards. In fact, they’ve become increasingly popular in the UAE as a safe and convenient way to shop online.

The rise of e-commerce in the UAE has made online shopping the norm for many people. But it also comes with risks, including credit card fraud and identity theft, among other common concerns. Having said this, virtual cards offer a solution to these problems.

Let’s explore why virtual cards are set to revolutionize online shopping in the UAE.

Virtual Cards: Revolutionizing Online Purchases

A virtual card is a digital version of a traditional credit or debit card. It is not a physical card. It’s a method of contactless payments that has become one of the most popular choices among consumers in the UAE. It’s created and managed through a mobile app or online platform the bank or financial institution provides.

Let’s elaborate on some reasons why virtual cards will be the future of online purchases in the UAE:

Secure Payment Method

A virtual card is one of the most secure payment methods, even more than traditional credit or debit cards. Here’s why:

• Since virtual cards are stored in an app on your phone and require a unique PIN to confirm a transaction, it is safe and secure.
• This means that even if a fraudster gets their hands on your virtual card number, they won’t be able to use it for purchases.
• In the case of certain virtual cards, the card number is generated randomly and is only valid for that single transaction.

Virtual cards are not physically compared to credit cards in the UAE. So they can’t be lost or stolen like traditional cards.

Control Over Spending

With virtual cards, you can control your spending more efficiently. These cards allow keeping track of your spending and online fraud prevention in UAE. Here’s how:

• You can set limits on the amount you want to spend.
• With real-time notifications, you can receive alerts on your smartphone whenever a purchase is made with your card.

This is especially useful for shoppers trying to stick to a budget or avoid overspending.

Convenient

Virtual cards are more convenient compared to traditional credit or debit cards. This is because:

• With a virtual card, you don’t need to carry a physical card around with you.
• You just need an internet connection to purchase from anywhere, anytime.

This is especially useful for shoppers who travel frequently. Virtual cards are also useful for people living in remote areas with limited access to traditional banking services.

Environmentally Friendly

Virtual cards are a more environmentally friendly method for digital payments in UAE than traditional cards. Since they are digital, there is no need to produce physical cards. The UAE is making efforts toward sustainability. With virtual cards, there will be a decrease in the amount of plastic waste and energy consumption associated with card production and distribution.

Conclusion

Virtual cards are the future of online shopping across the globe. They offer a more secure, convenient, and environmentally friendly way of online shopping. However, as e-commerce expands, you must be cautious about staying protected from credit card fraud and identity theft.

Virtual cards, a solution to these problems, will likely become even more popular in the coming years, thanks to people getting more comfortable with digital payments.