Virtual cards were one of the biggest features I was looking forward to as I’ve used them with Revolut before.
As it stands, security wise, it makes literally no difference whether I use my physical card or virtual card. There has to be some extra security measures put in place on the virtual cards which makes them more secure for them to be a worthwhile feature.
Either of the options at the top should work. Personally I would like to see both options available if possible but easiest to implement to start with maybe just a maximum single transaction size or something along those lines. You should also add the ability to freeze virtual cards.
You also need to either scrap the 100 per year limit or create an auto refreshing one which changes each time you use it. People make more than 100 online transactions in a year so I could easily see people running out if you keep deleting and making new ones.
It’s not about having a different card for every transaction. On Revolut the card number just refreshes after every transaction. They call them disposable virtual cards. That way your card details can never be stolen or hijacked.
Not if you want to assign a card to each merchant - it would mean new card details every single time - which is great for people who want that of course, but not so much for others.
I assume the reluctance to do disposable cards is that it doesn’t cost them any less to issue a card (number) for 1 use vs >1 uses. Or perhaps they’re concerned that people will use them for things they’d otherwise avoid, thus exposing Monzo to more risk of having to deal with chargebacks, fraud etc etc…
Its interesting that Revolut made this free recently, I was teetering on premium there for disposable cards…
You should still be able to have the option to have normal virtual cards with limits on them or assigned to a pot for what you need. Then perhaps a disposable one for the transactions you feel less comfortable with? Doesn’t have to be just one or the other.
For an example look at Revolut. They implement it really well.
I’m getting 3D authentication Secure errors trying to use my Virtual Card with my PlayStation and Nintendo accounts for purchases. Anyone seen similar?
I understand virtual cards for not needing to update saved card details online when you replace your bank card. However I still can’t get my head around people wanting them for websites they don’t trust.
If I don’t trust a website I won’t shop there. It’s not worth the risk at all or am I misunderstanding?
It’s not about not trusting websites. I actually don’t trust any website with my Debit card details. This is why I use a credit card online for that extra layer of protection as its not linked to my bank account. Having disposable cards would make me more comfortable using debit cards online.
I think there are perhaps different levels of ‘trust’, and that when one says they don’t ‘trust’ a website, rather than meaning “I think this website is dodgy”, it can mean “I’m concerned about the small chance it may one day be compromised and my card details leaked.”
Had people been able to use virtual cards back in the day, say, that could’ve been a fair fewer physical cards that Monzo needed to replace when Ticketmaster was compromised, for example.
Great ideas; I like the idea of making it more abstracted. I’m also very keen on the pots-with-account-numbers thing, as I can’t make my payment workflow work properly without it (and, annoyingly, you can set up a savings account - which has an account number - in a couple of clicks with other legacy banks).
I really think we need the ability to freeze virtual cards separately from the main card. This would mean that you could keep a virtual card ‘frozen’ that you use online, without affecting the ability to use your main card in real life.
Convenience, speed, simplicity and ease of payment.
For instance, Ive just found a subscription service through some ad, I open it in safari, after sign up it asks for payment and they offer Apple Pay (which is the easiest way to pay for anything on the web these days) so I select it, and pay with my subscriptions virtual card.
I don’t see how anyone doesn’t see the utility
or am I misunderstanding?