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| Moniepoint Virtual Card Coming Soon! |
Moniepoint currently does not offer a virtual card. Instead, it provides a physical debit card that can be used for both online and in-person transactions. This debit card is issued through local payment processors - Verve and can be utilized at ATMs, POS terminals, and online platforms. If you've requested your Moniepoint Debit Card, upon delivery, here's how you can activate it from the comfort of your home.
Although, Moniepoint is planning to launch virtual card for it customers but the feature is not available yet on the payment platform. "Stay secure while shopping online with our virtual card feature," Moniepoint cited on it official website.
On the other hand, speaking of Moniepoint's Debit Card, allows you to manage transactions effectively, and it can be activated and controlled through the Moniepoint app. If a virtual card is introduced in the future, it is expected to facilitate online transactions securely, but as of now, you can only access the physical card option.
The Moniepoint's physical card can also be used to carry out online transactions such as web purchase and online shopping. This is one of the advantages of physical ATM cards over online virtual cards. In addition to the physical card benefits, unlike a virtual card, physical card can be used at any ATMs and POS terminal nationwide.
A virtual card is a digital alternative to a physical debit or credit card, designed primarily for online transactions. Unlike physical cards, virtual cards come with unique card details that can be generated instantly and used for specific purposes.
This feature enhances security, as you can easily deactivate or change the card details if you suspect any fraudulent activities - this will help reduce the risk associated with online shopping. The temporary nature of virtual cards allows for greater control over spending and limits unauthorized use.
One of the key benefits of virtual cards is the convenience they offer. Since they are digital, there’s no need to carry a physical card, making them ideal for those who prefer a streamlined wallet. Virtual cards can be issued and used immediately, without waiting for a physical card to arrive. This instant access is particularly useful for online purchases, where time-sensitive transactions may be required.
Virtual cards also provide you with greater control and customization options. You can set specific spending limits, restrict usage to certain merchants, or even create cards for one-time use only. This level of control helps you to manage your budgets more effectively and prevents overspending.
Additionally, virtual cards are perfect for managing subscriptions like Netflix, and Showmax. More so, you can easily cancel a subscription by deactivating the associated virtual card.
With all these benefits of virtual cards and physical card, not without downsides. Many card issuance and merchants are minding a card fraud popularly known as "Chargeback Fraud". This fraudulent activities are becoming popular and companies are losing a lot of money through it. Here's everything you need to know about Chargeback Fraud and how to prevent your business from the risk.
Lastly, Moniepoint does not offer virtual cards. A virtual cards have a positive environmental impact by eliminating the need for plastic production and waste. They are easily replaceable if compromised, without the hassle of waiting for a new physical card. While physical cards remain essential for in-person transactions, virtual cards offer a secure, convenient, and eco-friendly solution for online payments.
