The Future of Secure and Convenient Payments

As online shopping continues to grow, so does the need for secure and convenient payment methods. Enter virtual cards, a solution quickly gaining popularity among U.S. consumers. In fact, over 40% of consumers have used a virtual card in the past six months, and 65% say they plan to do so in the year ahead.

So, why are virtual cards becoming the go-to choice for online shoppers?

Why Virtual Cards Are Gaining Popularity

Virtual cards offer multiple benefits, making them an attractive option for online payments. They provide a layer of security by allowing consumers to make purchases without sharing their actual credit or debit card numbers. These cards are ready to use instantly, even before the physical card is shipped, offering unmatched speed and convenience.

Who’s Using Virtual Cards?

Virtual card adoption is driven largely by consumers who prioritize security and speed. Tech-savvy shoppers, especially Gen Z and Millennials, are leading the charge. However, even among mainstream consumers, there is growing interest in virtual cards, provided there is clear education about how they work.

The Fraud-Fighting Power of Virtual Cards

Virtual cards are proving to be a valuable tool for those who have experienced fraud. In fact, more than half of those who’ve encountered fraud have used a virtual card recently, 19% higher than the average consumer. This is a clear sign that virtual cards offer significant protection against fraud, making them a preferred payment method for many.

The Future of Virtual Cards

The rise of digital wallets and other digital payment solutions is only accelerating the adoption of virtual cards. Consumers who already use these tools are more likely to embrace virtual cards, particularly when shopping with trusted merchants. For financial institutions, this presents a huge opportunity to guide users toward these secure, convenient payment options.

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