As more financial transactions move to the digital space, virtual cards are becoming increasingly popular. If you’re someone who is looking for a safe, convenient, and flexible way to manage your online purchases, the Allied Bank Virtual Card might be just the solution you’re seeking. In this article, I’ll take you through everything you need to know about the Allied Bank Virtual Card, from its features and benefits to comparisons with other types of digital cards, all presented in an easy-to-understand manner.
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What is an Allied Bank Virtual Card?
In simple terms, an Allied Bank Virtual Card is a digital payment solution that allows you to make online transactions without needing a physical card. It operates like a traditional debit or credit card but exists only in the digital space. The card is issued by Allied Bank and can be used for secure online shopping, subscription services, and other digital transactions.
Unlike a regular card, you do not receive a plastic version. Instead, you are provided with a unique 16-digit card number, an expiry date, and a CVV code, all of which can be used for online payments, just like your physical card. Since it’s designed to be used online, the virtual card offers an added layer of security, especially when compared to traditional payment methods.
Features of the Allied Bank Virtual Card
Let’s dive into the features that make this card an appealing choice for digital payments.
- Security
The most notable feature of a virtual card is its security. Since the card is not physically issued, it is less susceptible to theft or fraud. Additionally, the card details can be used for a limited period or for specific amounts. This way, your funds are better protected, especially when making online purchases from unfamiliar sites. - Ease of Access
You can apply for the Allied Bank Virtual Card directly through the Allied Bank mobile banking app or online banking portal. There’s no need to visit a bank branch, and once your application is approved, the card details are instantly available. - One-time Use Options
If you’re making a transaction with a merchant you don’t trust or just want to make a one-off payment, you can create a one-time-use virtual card. This card will expire after a single transaction, ensuring your account remains secure. - Instant Activation
The card is activated immediately upon creation. This means you don’t have to wait for a physical card to be mailed to you, which saves time and allows for immediate use. - Control Over Spending
You can set limits on your virtual card, such as maximum transaction amounts. This adds an extra layer of control, allowing you to manage how much you spend online. - Free of Hidden Charges
Unlike some other types of digital or physical cards, the Allied Bank Virtual Card doesn’t carry hidden or annual fees, making it a cost-effective option for regular online shoppers. - Compatibility with All Payment Gateways
The card can be used on any website that accepts international debit or credit cards. Whether you’re shopping on local e-commerce platforms or international sites, you’ll find that the virtual card is widely accepted.
How to Get an Allied Bank Virtual Card?
Getting an Allied Bank Virtual Card is a simple process. Here’s a step-by-step guide:
- Log into Allied Bank’s Online or Mobile Banking
You need to be a customer of Allied Bank with an active account. Log in to the mobile banking app or the bank’s website. - Select Virtual Card Option
In the menu, look for the virtual card option. It might be labeled as “Apply for Virtual Card” or something similar. Click on that link. - Choose the Amount
Once you’ve selected the virtual card option, you’ll be asked to choose the amount you want to load onto the card. You can select an amount based on your needs. - Create the Card
After entering the necessary details, the virtual card will be generated. You will receive the card number, CVV, and expiry date. - Start Using It
With your virtual card details, you can now start making secure online payments.
Advantages of Using an Allied Bank Virtual Card
I’ve already touched on some of the benefits, but let’s take a deeper look at the key advantages of using the Allied Bank Virtual Card.
- Enhanced Security
The virtual card provides an extra layer of security compared to traditional cards. It reduces the risk of fraud since the card is not physically present and is only used for online transactions. Additionally, the ability to create temporary cards adds a layer of protection for one-time purchases. - Convenience
Creating a virtual card is incredibly easy. With just a few taps on your phone or clicks on your computer, you can generate a new card instantly. You don’t have to wait for the card to arrive in the mail. - Cost-Effective
There are no hidden charges or fees associated with the Allied Bank Virtual Card. It’s an affordable option for those who primarily shop online. - Flexibility
The card is flexible in terms of usage. Whether you’re purchasing from international merchants or subscribing to services, the Allied Bank Virtual Card provides the functionality you need without the need for a physical card.
Comparisons: Virtual Card vs Traditional Card vs Prepaid Card
To better understand the unique features of the Allied Bank Virtual Card, let’s compare it with traditional debit or credit cards and prepaid cards.
| Feature | Allied Bank Virtual Card | Traditional Debit/Credit Card | Prepaid Card |
|---|---|---|---|
| Physical Card | No | Yes | Yes |
| Security | High (Online use only) | Medium (Physical and online) | Medium (Online and offline) |
| Activation | Instant | Varies (typically mailed) | Instant |
| Transaction Limit | Set by user | Set by bank | Set by user or issuer |
| Use for Online Shopping | Yes | Yes | Yes |
| Fees | Free, no hidden charges | Possible hidden charges | Varies (usually monthly fee) |
| Reloadable | No | Yes | Yes |
| Availability | Online only | In-branch and online | Online and retail locations |
From the table above, it’s clear that the Allied Bank Virtual Card has distinct advantages in terms of security and ease of use, especially for online shopping. It eliminates the need for physical cards and comes with added safety features that a traditional card might not offer.
Examples of How the Allied Bank Virtual Card Works
Let’s go through a few examples to see how the virtual card can be used in real-life scenarios.
Example 1: One-time Online Purchase
I’m planning to buy an electronic gadget online. The website doesn’t seem fully trustworthy, so I decide to create a one-time-use virtual card for the purchase. I set a limit of PKR 10,000 on the card, and once the transaction is completed, the card expires automatically. This way, even if the website is compromised, my main account remains safe.
Example 2: Subscription Services
I want to subscribe to a digital streaming service. The service requires a monthly fee of PKR 1,000. I generate a virtual card and link it to the subscription. Since the virtual card is set to renew automatically with the same details, I don’t have to worry about remembering the card details every month. However, if I decide to cancel the subscription, I can easily deactivate the card.
How to Manage Your Allied Bank Virtual Card
Managing your virtual card is just as simple as creating it. Through the Allied Bank mobile banking app, you can:
- Monitor Transactions
You can track all the transactions made with your virtual card in real-time. This helps you stay on top of your spending and ensure that there are no unauthorized transactions. - Set Spending Limits
If you want to limit the amount spent on your virtual card, you can adjust the spending limits at any time. This feature gives you full control over your finances. - Deactivate or Replace the Card
In case you suspect any fraudulent activity or if you simply no longer need the card, you can deactivate it immediately through the app. If needed, you can also replace it by generating a new one.
Conclusion
The Allied Bank Virtual Card offers a range of benefits for individuals who prefer secure, easy, and quick online transactions. With its focus on security, cost-effectiveness, and flexibility, it’s an excellent option for anyone who frequently shops online or subscribes to digital services. By understanding how it works, its advantages, and how to use it effectively, I’m sure you’ll find it to be a valuable tool for your digital banking needs.
As we continue to move towards a cashless, digital world, virtual cards like the one offered by Allied Bank are paving the way for a safer and more efficient way to manage our finances. Whether you’re making a one-time purchase or setting up a recurring subscription, this digital solution gives you the flexibility and peace of mind you need for today’s online world.
