iPeakoin
Products
Resources
Solutions
Company
Back
Future of Fintech
Use your virtual card with digital wallets
There are a lot of advantages to virtual cards: easy creation, customizable budgets, real-time visibility into spend, automated reconciliation, and better control over employee spending. Savvy AP teams even monetize AP by switching as many bill payments as possible onto virtual cards.
 
A virtual card can be considered as the perfect payment method — until you need to make a payment offline. However, this issue has been solved now. Since you can also add your virtual card to a digital wallet like a physical card, which means that you can experience the benefits of a virtual card when you are on the go.
 

What is a digital wallet?

 

Digital wallet capabilities can vary — but in general, a digital wallet is a virtual place to store cards and cash so that you can make payments with a mobile device.
 
Apple Pay, Google Pay, Alipay and Samsung Pay are digital wallets you’ve probably heard of and may already be using. When you get a new device, such as a smartphone or watch, it may already have one of these digital wallets installed on it.
 
After adding your credit cards to those digital wallets such as Apple Pay, Google Pay or Alipay, checking out at a store can be as easy as scanning your phone at the payment terminal. You can even book and upload movie tickets, concert tickets, boarding passes and some types of ID, which can help cut down the bulk in your pocket and
 
Digital wallets like Alipay (a digital wallet in China that has more than a billion active users worldwide) don’t come preinstalled on hardware, but you can download the apps to send money, receive money and pay for products at certain retailers.
 

Why should I add a virtual card to my digital wallet?

 
● Convenience. A virtual card can be created with a few clickes and without printing and delivery costs. The card is available instantly, instead of waiting for delivery. On the other hand, storing your cards on a mobile device can get you free from taking a wallet with you. This is surely more secure and also more convenient to have the eWallet with a virtual card.
 
● Easy sign-up process. You don't need to resubmit lots of materials to apply for new cards, especially for businesses who need to create corporate cards for employees. Meanwhile, cardholders no longer worry about the inconvenience of virtual cards. Connect them to your digital wallet, then setting up payment methods can be as easy as scanning cards with your phone or manually typing in the payment information.
 
● Security. Digital wallets use security protocols to protect you and your money. For example, Apple Pay doesn’t store your card details, payment information is encrypted, and you must authorize your payments using Face ID or Touch ID. Samsung also encrypts data and requires that you authenticate each payment with a fingerprint or PIN.
 
● Increased control and visibility. When an employee uses a virtual card in a digital wallet, they don’t have to use their personal card on the go. Plus, virtual cards have additional control and visibility. Automated workflows ensure the correct approvers review the request and business purpose. Limits can be applied for the time period and the amount. Cards can even be vendor-specific.
 

How does an iPeakoin virtual card work in a digital wallet?

 

iPeakoin offers a Virtual Card management tool for corporates. Businesses can apply cards with customized budgeting to different employees to make payments for business purposes. On the other hand, corporates are able to launch cards for clients via iPeakoin CaaS API solution and empower their clients to pay with branded cards.
 
Cardholders can add an iPeakoin virtual card to Google Pay or Apple Pay or Alipay by following the instructions in the app. You only have to set up a card once.
 
The virtual card will be accepted anywhere that accepts Visa and Mastercard contactless payment. When you make a payment from a digital wallet, you’ll receive a notification, and then iPeakoin will treat the transaction the same way as any virtual card payment.
 
All elements of a transaction, from approval to receipt, are stored in the transaction record for an automated audit trail. When iPeakoin corporate cards are added to a digital wallet, they send transaction data all the way through to your company’s general ledger.
 
Adding a virtual card to a digital wallet allows you to enjoy the benefits of virtual cards when you’re on the go, no matter what kind of purchase you’re making. Learn more about our virtual cards, please visit ipeakoin.com. Also feel free to send us a note at marketing@ipeakoin.com or https://t.me/ipeakoin (Telegram).