![]() You can also use a virtual debit card to pay for items online on your phone. Some of the virtual cards which are offered by fintech banks may allow transactions beyond this. When using your virtual debit card in this way, you will be limited to the maximum contactless spend, which is currently at £100. Any payment device which allows for contactless payments can receive payments from a virtual debit card. You can use it to pay for items in-store by holding it over the payment device. How do I Use a Virtual Debit Card?Ī virtual debit card can be used in much the same way as you use a physical contactless debit card. Companies such as Monzo and Revolut offer you the chance to download their app, open a new account and get a virtual debit card all with the use of your phone. ![]() Many fintech or so-called challenger banks, which exist purely in digital form, also offer virtual debit cards. You can store your virtual debit card in a digital wallet on your smartphone or link it to a mobile payment app such as Apple Pay or Google Pay. A virtual debit card will have a 16-digit number and expiry date on it just like your normal debit card. Many of the major banks in the UK have debit cards which you can create virtual versions for on your mobile device. What’s a Virtual Debit Card?Ī virtual debit card is one which is linked to your banking account but which is stored on your smartphone. This is due to a rise in the use of virtual debit cards. However, the days of carrying a physical card around in your wallet may themselves be numbered. Why does Suits Me® charge for its services?įor decades now, we have become familiar with using a plastic card to pay for items, whether it’s with a signature, a swipe, entering a PIN or, in recent years, a tap.ĭebit cards and credit cards have been around so long now that it is hard to imagine life without them.‘ANNA’ is a trademark of Absolutely No Nonsense Admin Ltd. If you want to learn more about how your money is protected check our help articleĪNNA Money is acting as an agent of TrueLayer, who is providing the regulated Account Information Service, and is Authorised and Regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 (Firm Reference Number: 901096)Ībsolutely No Nonsense Admin Ltd. Your funds will be held in one or more segregated bank accounts with a regulated third party credit institution, in accordance with the provisions of the Electronic Money Regulations 2011. The Card is issued by PayrNet Limited pursuant to license by Mastercard International Inc. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Registered Office – Brunel House, 2 Fitzalan Road, Cardiff, Wales, CF24 0EBĪbsolutely No Nonsense Admin Limited is a distributor of PayrNet Limited which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR's) with Firm Reference Number 900594. If you’re already with ANNA, virtual cards are a convenient and secure way of having another card at your disposal, which you can use for certain types of purchase (eg online subscriptions), set spending limits on, and cancel at any time. If you’re a new customer, you don’t have to wait for your physical debit card to arrive in the post - you can start using your virtual debit card for business expenses immediately. What are the pros and cons of using a virtual debit card? It’s a debit card that’s stored on your phone, with bank account details you can use straight away for online purchases, like Uber or Amazon. How much does it cost to get a virtual debit card?. ![]()
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