How to make payments more securely and conveniently with a virtual card?

Smart payments have become an integral part of daily life, and virtual cards are gaining increasing popularity. Moonika Maaring, Head of Everyday Banking at Coop Pank, explains why a virtual card is a smart choice and how to use it effectively.

According to the Bank of Estonia, in the second quarter of 2024, payments made through digital wallets accounted for 35% of all card transactions, and this trend is on the rise. Coop Pank’s customers actively use digital wallets for payments with both physical and virtual cards.

Choosing a virtual card over a traditional plastic card offers several advantages, from reducing environmental impact to simplifying daily life.

1. An eco-friendly and compact solution

A virtual card eliminates the need for a plastic card, freeing up space in your wallet and contributing to a better environment. A traditional bank card is made of PVC plastic, which has a significant environmental impact and takes centuries to decompose in landfills. Additionally, a virtual card has no production or transportation costs, making it a more sustainable choice.

2. Instant access

A virtual card is issued instantly upon request and functions just like a regular bank card. You can use it in stores, restaurants, entertainment venues, and more. Simply add it to your digital wallet, such as Google Pay or Apple Pay. With a payment card linked to these services, you can make secure transactions using your smartphone, smartwatch, or even a smart ring.

You can also start using your plastic card immediately after ordering by adding it to your device's Wallet through the Coop Pank app.

3. A aafer choice for online shopping

The details of a virtual card are only accessible via internet banking, a mobile app, or a digital wallet, providing additional protection against fraud.

For online shopping, it is recommended to use a separate account with a dedicated virtual card. This minimizes the risk of scammers accessing larger sums of money in your primary account. It is wise to transfer money to this account only when making an online purchase. To complete card payments, the separate account must be linked to either a virtual or plastic card.

Just like a plastic card, a virtual card allows you to set spending limits. Keeping limits lower on a daily basis and raising them only for larger purchases enhances security.

4. Additional security while traveling

A virtual card provides extra peace of mind while traveling. If you link it to a separate bank account used only during your trip, you can enjoy the same level of security as with online transactions. A virtual card also acts as a reliable backup if your physical card is lost, stolen, or retained by an ATM. Thanks to the virtual card, your trip can continue without disruption.

The best approach is to create a virtual card and add it to your digital wallet before your trip. This way you can ensure everything works smoothly in a calm and controlled setting.

5. A completely free solution

In addition to convenience, a virtual card also saves you money – there are no maintenance fees. Coop Pank provides virtual cards free of charge for both private and business customers, regardless of whether they are debit or credit cards.

A virtual card is a smart solution, perfect for everyday use as well as a secure alternative for traveling and online payments. If you don’t have a virtual card yet, now is the perfect time to get one!