Have you ever faced the frustration of trying to pay for international services like Netflix or shop on Amazon, only to be blocked by your local card? You're not alone. Many Nigerians encounter these issues, but there’s a simple fix: virtual cards.
These digital payment tools are built specifically for online transactions, offering a secure, hassle-free way to access global platforms. Are you curious about how they work and why they're a game-changer for online shopping?
Keep reading. This article explains everything you need to know about virtual cards including their benefits, how to get one, and how to use a virtual card for online payment securely.
What is a Virtual Card?
A virtual card is a digital payment card that allows you to make online transactions without needing a physical card. They are specifically designed for online use, unlike traditional debit or credit cards.
Virtual cards provide a secure way to shop on international platforms like Amazon and Netflix. These cards come with a unique card number, expiration date, and CVV, enabling seamless payments while minimising the risk of fraud.
Due to the rise of fintech solutions, Nigerians can easily obtain virtual cards. These cards allow them to access global markets and make purchases without the limitations of local currency restrictions.
Why should you get a virtual card? What are its benefits over traditional cards? Let’s find out.
Why Use a Virtual Card in Nigeria?
Virtual cards are commonly used for:
- Getting subscriptions to international services like Netflix, Spotify, and Apple Music, and
- Online shopping on global platforms such as Amazon and eBay.
Using a virtual card for online payment has numerous advantages as follows:
- Security: Virtual cards don’t have a physical form. So, your card details are not exposed during online transactions. This reduces the risk of unauthorised access to your financial information, theft, and fraud.
- Accessibility: Virtual cards provide access to international markets. Therefore, you can shop on platforms like Amazon and Netflix without the restrictions often associated with local Naira cards.
- Cost-effective: Virtual cards often come with lower fees than traditional cards, making them an economical choice for frequent online shoppers. You can create multiple virtual cards for specific transactions. This feature helps you to track expenses more effectively and manage finances better.
Now you know the benefits of using a virtual card for online payment in Nigeria, are you wondering how to get one? Let’s discuss.
Top Virtual Card Providers in Nigeria
Several virtual card providers in Nigeria facilitate online payments, each offering unique features and benefits. Here are some of the top options:
1. Gomoney
Gomoney Nigeria is a notable provider that enables users to create virtual dollar cards for international transactions. The platform is user-friendly, allows for easy funding of cards, and is ideal for online shopping and subscriptions.
Gomoney emphasizes security, offering features like transaction alerts and fraud protection, ensuring users can shop confidently on global platforms.
2. Cardtonic
Cardtonic is a premium gift card company that also provides virtual dollar cards. Users can create a card for a nominal fee and fund it with Naira at competitive conversion rates.
Cardtonic's cards are widely accepted globally, making them suitable for online purchases, including services like Apple Music.
3. Fundall
Fundall allows users to create multiple virtual dollar cards with zero charges for the first card.
It’s designed for easy international payments on platforms like Amazon and Alibaba, requiring a minimum funding amount to start using the card.
4. Chipper Cash
With over 5 million downloads, Chipper Cash is a popular choice among Nigerians.
It offers a reloadable virtual Visa card that can be used for various online transactions without limits on withdrawals.
5. Eversend
Eversend provides a transparent exchange rate and allows users to create virtual dollar cards with minimal fees.
The platform supports multiple currencies and facilitates payments across several countries.
You must research each provider and choose the best one.
How to Get a Virtual Card in Nigeria
Getting a virtual dollar card for online payment in Nigeria is a straightforward process. Below is a step-by-step guide:
Step 1: Choose a Provider
First, you must select a reputable virtual card provider. Popular options include Gomoney, Chipper Cash, Fundall, and Lopeer. Each provider offers unique features, so consider your specific needs before making a choice.
Step 2: Download the App
Visit the Google Play Store or Apple App Store to download the app of your chosen provider. Ensure you install the official app to avoid any security issues.
Step 3: Sign Up
After installing the app, create an account by providing your personal information, including your name, email address, and phone number. Some providers may require you to set up a password for added security.
Step 4: Verification
Complete the Know Your Customer (KYC) process, which typically involves submitting identification documents such as a government-issued ID or utility bill for address verification. This step is crucial for security and compliance with financial regulations.
Step 5: Fund Your Account
After verification, fund your account by transferring Naira from your bank account to the virtual card provider’s wallet. Most providers offer various funding methods, including bank transfers or deposits.
Step 6: Create Your Virtual Card
Navigate to the card section in the app and select the option to create a new virtual card. You may need to specify details such as the card type (Visa or Mastercard) and set a security PIN.
Step 7: Start Shopping
Once your virtual card is created and funded, you will receive your card details, including the card number, CVV, and expiration date. You can now use these details to make purchases on international websites like Amazon, Netflix, and more.
How do you use a virtual card for online payment? Are there any specific requirements?
How To Use Your Virtual Card for Online Payment
Here is a step-by-step guide to using your virtual card for online payment:
- Access Your Virtual Card Details: After creating your virtual card through your chosen provider, log into the app or website to retrieve your card details, including the 16-digit card number, expiration date, CVV code, and billing address.
- Select Your Purchase: Navigate to the online store or platform where you want to purchase. Once you've selected your items, proceed to the checkout page.
- Choose Payment Method: At checkout, select the option to pay with a credit or debit card. Most e-commerce sites do not have a specific "virtual card" option; simply choose the standard card payment method.
- Enter Card Information: Input your virtual card details in the required fields:
- Card Number: The 16-digit number from your virtual card.
- Expiration Date: The date listed on your card.
- CVV Code: The three-digit security code on the back of your card.
- Billing Address: Use the address associated with your virtual card account.
- Confirm Your Purchase: Review all entered information for accuracy and complete the transaction by following the site’s prompts. The payment will be processed like any other credit or debit card transaction.
- Track Your Spending: After completing your purchase, monitor your transactions through your provider’s app or website. This helps you keep track of expenses and quickly identify any unauthorized charges.
Security Features of Virtual Cards
When considering virtual cards in Nigeria, it's essential to understand their security features. Here are the key points you should know:
- Virtual cards provide an added layer of security against fraud and unauthorized transactions. They do not carry the same physical risks as traditional cards, reducing the chances of card skimming or theft.
- Many virtual card providers offer one-time-use card numbers. You can generate them for specific transactions. This feature minimizes the risk of your card information being compromised during online purchases.
- You can set transaction limits on your virtual cards. This helps you to control spending and adds another layer of security against unauthorized use.
- If you suspect that your card details have been compromised you can freeze or block your virtual card instantly without needing to cancel it entirely.
- Reputable virtual card providers implement robust encryption measures to safeguard your financial information during transactions. This ensures that sensitive data remains secure from potential breaches.
- Virtual cards are easily accessible via mobile apps. So, you can monitor transactions in real time. This helps you to report and take action if you notice any suspicious activity.
Below are some simple tips you must follow to ensure security while using a virtual card for online payment:
- Keep an eye on your transactions.
- Opt for transaction notifications via SMS or the app.
- Use strong passwords and PINs.
- Shop on secure websites.
- Utilise one-time use cards.
- Freeze your card if necessary.
- Be cautious with public wi-fi.
Summary
Virtual cards are a great option for Nigerians looking to shop safely on international platforms. They offer enhanced security, accessibility to global markets, and cost savings.
By following the steps outlined in this guide, you can easily get a virtual card and start enjoying secure online shopping. Don't forget to stay vigilant by monitoring your transactions and setting limits to ensure the safest experience possible.
FAQs
1. How do I obtain a virtual card in Nigeria?
To get a virtual card, choose a provider, create an account, complete the KYC process, fund your account, and generate your card through the provider's app.
2. Are there any fees associated with using virtual cards?
Yes, some providers may charge issuance fees, transaction fees, or maintenance fees. It's essential to check the specific fee structure with your chosen provider.