Virtual wallets are nothing but a special type of online web-based banking program where all the money you have stored in your offline bank is transferred into your virtual bank account in the internet. A virtual wallet serves as a safety net for all your financial dealings, and is basically an online version of the traditional ATM. The main advantage of this is that the money you have in your offline bank will not be misused online as there is no physical money in the virtual wallet. In fact, virtual banks were first introduced to help people save money and also prevent identity theft.
Virtual wallets are completely based on transferring cash from your online bank account either by credit card or debit card you hold with the same institution for the account. This money transfer from the virtual wallet to the mentioned virtual bank account usually takes place through some kind of 3D secure pin, Card pin, One time password creation, or even a physical security pin for safe keeping. It is said to be fast as well as convenient way to pay bills and make other payments. A virtual wallet saves lots of time, effort and money and it has become increasingly popular for various reasons. Here we would discuss few of the key advantages of using virtual wallet:
Convenience: You can get more things done in less time and with lesser efforts when you use virtual wallets. All transactions are instant and secure. The convenience is equivalent to transferring money to a brick and mortar bank. Since you do not carry physical cash, there is no risk of theft, and if you have a reliable ATM provider, you can have cash back facility as well.
Security: No credit or debit card is needed to access the virtual account. Thus you are safe from all kinds of scam. Thus there is no need for extra monthly fees. The cost of these cards is zero dollars, thus there is no monthly fee for the debit card as well. There is also no need to link the bank account and the virtual wallet.
Flexibility: Various kinds of ATM services including non-pnc atms are available with this virtual wallet. The user can select and manage several accounts. There is no monthly service charge involved. Thus, users get maximum flexibility and benefits.
Security: The entire process of virtual card app is totally secured. Hence there is no risk of your private information getting into wrong hands. Thus you get high security. Also, the virtual card app provides a large number of benefits like accessing the fund from any location and make payments, and withdrawing money from any ATM machine. Virtual cards can be used in any non-pnc ATMs too. Thus this virtual wallet has various advantages.
All the virtual wallet providers offer their clients an extensive range of features on virtual cards. These wallet providers also work closely with banks and financial institutions to offer complete functionality. There are several non-issuer companies offering virtual card app but most of them do not have the experience and expertise to offer quality services. Therefore it is always recommended to opt for reputed virtual card providers.
It is important that the digital currency market keeps growing. The reason behind this is that more people are using debit cards and virtual payments wallets. Virtual card providers will continue to emerge as the market grows. The virtual wallet and digital currency market will provide endless opportunities to merchants and retailers.
The best way to access digital currency is to use prepaid MasterCard or Visa debit cards. The major advantage of these cards is that they provide a cashless solution to the customers. These cards act just like a credit card and hence there are no chances of overspending. With debit cards, a retailer can also use the Internet to accept electronic checks as well.
With this new technology, every retailer and merchant have the option to increase his customer base. This is one of the main reasons for the increasing popularity of these cards. Moreover, the virtual wallet and digital wallets provide security to the users and hence there is a significant growth in the credit card industry. These cards help users to pay bills, buy products online, and perform other routine transactions. Thus this new technology is serving an ever increasing number of people all across the globe.
Digital bank accounts have higher charges and the customer is charged high interest rates. These bank accounts do not have any tangible assets attached to them. Thus, it is necessary to check if the product is backed by some collateral. It is always better to go for secured accounts as compared to those with no security and low rates. Virtual accounts are the most convenient options available in this regard as there is no paper work involved and one virtual account can be used for multiple transactions.