We bet you're finding that more and more retailers do not accept cash. Whether it's shopping online or in-store* , merchants have stopped accepting cash-on-delivery and cash payments altogether, thanks to the paper-tarnishing* effects of COVID-19.
So, what are you supposed to do when no one seems to be accepting cash anymore?
Get a virtual card, of course! Now, for those of you are not familiar with this, you may be asking:
What is a virtual card?
The answer is in the name itself — it's a digital-looking credit or debit card that sits in cyberspace, be it an app or your phone or the internet. But a virtual card is not the same as a digital card, the main difference being that a virtual card does not have its physical counterpart (that piece of plastic that you can hold in your hands) whereas a digital card does.
How does a virtual card work?
Once you have access to a virtual card, you would use it as you would any other digital debit, or credit card, essentially you'd show it to the merchant from whom you're buying a good or service for them to swipe the transaction amount. That amount then gets marked as what you owe the merchant, and you walk away with what you bought.
Now, when using a prepaid or debit card, the transaction value is being debited directly from an amount you would have deposited in the card or bank account. On the other hand, when using a credit card, the transaction value is being subtracted from a line of credit that the issuing bank or FinTech will have lent you, and then you'd owe them back (and be charged interest and fees if you pay them later than your due date).
Virtual cards can be debit or credit-linked, depending on how the issuer (bank or FinTech) has issued it to the user.
Where can I get a virtual card in the Middle East?
If you're based in one of the following GCC countries (United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, or Oman) then you can apply for a virtual card from Bankiom.
Once you've downloaded the Bankiom app and cleared the onboarding process, you can then get to using your virtual card with retailers, both on-line and in-store.
How can I use my Bankiom virtual card?
Once you've been issued a virtual card through the Bankiom app, you can load it up and start using it instantly! As soon as you've spent the amount that you've pre-paid onto the virtual card, then you can reload and keep on using the card.
How many virtual cards can I have on Bankiom?
In the coming few weeks, you will be able to create several virtual sub-cards, once you've been onboarded on the Bankiom app, and extend these cards to your kids, family, and friends internationally (including other parts of the Middle East, such as Lebanon).
How secure is spending using a Bankiom virtual card?
Bankiom's cards are issued by our parter Mastercard, and all of them come powered with Mastercard’s 3D secure technology.
Ready to go digital and plastic-less with your spend transactions?
Apply for a virtual card through Bankiom.