The next question that might come is about its usage, since it doesn't have any actual existence; the answer is simple; it exists only on the Internet. After applying for it, the credit card provider assigns a 16 digit number and other details that are emailed to him. It is safe to say that the 'card' is actually an account.
After it has been loaded, it becomes valid for online purchase. While phrasing, the verification code is to be submitted to the merchant. This is an identity verification number which is used along with the normal debit card number.
Thus, to make a long story short, while using a virtual card, you will need only 3 things to make a safe payment:
- A loaded debit card
- A 16 digit card number
- An identity verification number
Controlled Payment Number
In order to make credit card payments and debit card purchases, the online purchase companies have come up with a controlled or substitute credit card number which is used for payments, and it is basically a concept that is parallel to the virtual card.
In such a case, both the identity verification and controlled payment numbers have a certain expiration date that ranges from 2 months to an entire year. Once the transaction is over, this temporary number disappears and any fraudulent user cannot trace it.
Some numbers are for a single transaction but there are few that last for multiple transactions. Such codes, which are very useful for less frequent Internet shoppers, are granted by some selected banks and credit providers. It must also be noted that the facilities mentioned here are highly effective in improving credit ratings.