Do Virtual Credit Cards Will Replace Old Credit Card?

In the last year, people have moved more towards digital shops than the traditional ones, which has also affected the payment system as well. This has given the fintech sector a huge opportunity to experiments and launches virtual credit cards. Though there is still doubt that if these virtual cards will take the place of credit cards or not.

We all know that what role credit cards play in our daily life. But with the innovation of digital and virtual credit cards, there is hardly any need to use physical credit cards in our daily life. This process has become more evident during the time of the pandemic. Online transactions have increased in the time of the Covid-19 pandemic. People are also using contactless payment modes like QR scanners more than ever in this time period.

In the 2000s, the usage of credit cards has increased as it has provided more safety than paying in cash. But in the time of a world pandemic. People have become aware of their physical health and they have habituated themselves to contactless payment methods. Also, the growing e-commerce market has contributed to an increase in the number of card payments and transactions. People have preferred to keep their credit card details on their phone itself. These increasing online transactions and technological advancements have innovated the new digital credit cards which serve the same purpose as the traditional credit cards.