That being said, we do have a virtual version of the KOHO card, which you can use just like a virtual credit card. Whenever you make purchases with your KOHO card, the funds are directly debited from your KOHO account, just like they would if you did your banking at a traditional bank with a chequing account. KOHO doesn’t currently offer a credit card of any type as the KOHO card is technically a prepaid Mastercard that works the same way as a standard debit card. The short answer is no, KOHO doesn’t have a virtual credit card, per se, but we do have a virtual prepaid Mastercard! Virtual credit cards might sound great, but does KOHO even offer them? You can typically use virtual credit cards with mobile wallet apps like Apple Pay, Google Pay, and Samsung Pay, all of which also use industry-leading technology to safeguard your transactions. Most major virtual credit cards use high-end encryption and other security features to help protect your account, even if your financial information is leaked in a third-party breach. But instead of existing in your physical wallet, virtual credit cards exist on your smartphone or even your computer. In its simplest form, a virtual credit card is a digital version of your regular plastic or metal credit card. In fact, many new forms of payment technology, including virtual credit cards can help keep Canadians’ information safe from security breaches or loss.īut what is a virtual credit card, you might ask? While some might be upset at the decline of physical money, many of these new innovations have made our transactions that much easier and safer. The world is gradually shifting into a cashless society where physical credit cards and digital payment methods are the norm and handling loonies and toonies is a thing of the past. What are Virtual Credit Cards? How Do Virtual Credit Cards Work? In this article, we’ll take a look at the nuances of virtual credit cards, including how they work, their pros and cons, and where you can get one to use on your daily transactions. But how do virtual credit cards work? Are they actually as safe as they seem? Nowadays, you can use virtual credit cards in a wide range of online and in-person stores across Canada. Meaning if you misplace your card, you can still shop online with your virtual card and tap with your virtual wallet. They are stored in your phone's digital wallet and the KOHO app. Virtual credit cards are basically digital versions of your regular physical credit cards. Thankfully, there’s a slick new technology on the scene that can help secure your finances when you transact online: virtual credit cards. As a result, banks and account holders have adopted new technology to curb the issue, but fraud isn’t going away anytime soon. The rate of credit card theft and fraud is increasing alarmingly fast.
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