How To Use a Virtual Mastercard [Quick Guide]
As digital transactions continue to grow in volume, virtual credit and debit cards have become a popular choice for secure online purchases. According to data from 360iResearch, the virtual card market is anticipated to grow from an estimated $28.54 billion in 2023 to $89.93 billion by 2030[1].
If you're looking to explore virtual cards, this guide will explain how to use a virtual Mastercard for online and in-store purchases. You'll also learn about Privacy, a trusted virtual card provider with advanced features tailored for secure and seamless online transactions.
What Is a Virtual Mastercard?
A virtual Mastercard is a digital payment card that uses the Mastercard network. It's typically issued by banks, financial institutions, or independent virtual card providers—not Mastercard® itself. A virtual Mastercard has the standard details of a traditional payment card, such as:
- 16-digit card number
- Expiration date
- CVV security code
The virtual card number acts as a stand-in for your actual card information during checkout—If a merchant data breach occurs, potential hackers can only access the virtual card details rather than your real payment information, shielding your financial data from potential thieves.
There are different types of Mastercard virtual cards, including those that are valid for a single use and those that can only be used with a single merchant. These cards are usually linked to an existing bank account, debit card, or credit line as a funding source.
What Can You Use a Virtual Mastercard For?
Like virtual Visa cards, Mastercard virtual cards are suitable for different kinds of payments, including:
- Online purchases
- New service sign-ups
- Utility and bill payments
- Memberships and recurring subscriptions
Where Can You Use a Virtual Mastercard?
A virtual Mastercard can be used for online and in-store purchases. Here's a breakdown of how to use it effectively in each situation.
How To Use a Virtual Mastercard Online
Using a virtual Mastercard for online purchases is similar to using a physical card. Follow these steps:
- Proceed to checkout—When shopping online, select "Pay with Debit or Credit Card" as the payment option.
- Enter your card details—In the designated fields, Provide your virtual card's 16-digit card number, expiration date, CVV code, and billing address if required.
- Complete the payment—Confirm the transaction to finalize the purchase as you would with an ordinary card.
How To Use a Virtual Mastercard In-Store
For in-store purchases, virtual Mastercard cards work at locations that accept contactless payments and support digital wallets. To use these cards for in-store purchases, you should follow two general steps:
- Add the card to your digital wallet app.
- Use your phone to complete the transaction.
Refer to the table below for more information:
In stores that don't support contactless payments, you may still be able to use the card by manually entering the virtual Mastercard's details if the cashier or payment terminal allows manual entry.
Virtual Mastercard Frequently Asked Questions
Below, you'll find answers to some of the commonly asked questions about Mastercard virtual cards.
How Do I Use a Virtual Mastercard Gift Card?
Mastercard eGift cards are prepaid cards that work much like standard virtual Mastercards but are designed for one-time or limited use. To use them online, enter the card details at checkout. For in-store purchases, you need to add them to a compatible digital wallet like Apple Pay or Google Pay before you can perform a contactless payment.
Can You Withdraw Money From a Virtual Mastercard?
No, virtual Mastercard cards are primarily for purchases. They do not work at ATMs as they lack a physical card and PIN, which are required for cash access.
Do Virtual Cards Show Up on Bank Statements?
Yes, transactions made with a virtual Mastercard will appear on your bank statement. The details typically include the transaction amount, date, and merchant name, similar to purchases made with a physical card.
How To Choose a Trustworthy Virtual Mastercard Provider
When selecting a Mastercard virtual card provider, you have two main options:
- Banks and financial institutions—Major banks, such as Citi® and Capital One®, offer virtual Mastercard services to customers with existing accounts. You can typically request a virtual card through the bank's online or mobile banking platform, making it a convenient addition to your current account setup.
- Independent virtual card providers—Independent providers don't require the user to have an account with a specific bank to get started. Signing up involves linking your preferred funding source with the service provider, and you can request virtual cards.
Beyond offering bank-grade security, independent providers might let you generate, manage, and customize spending limits on your virtual cards, offering features that fit your specific spending needs. If you're looking for a secure, adaptable virtual card solution, consider signing up for Privacy.
Have a Convenient Shopping Experience With Privacy
Privacy is a BBB-accredited virtual card provider that offers Mastercard and Visa virtual cards to U.S. residents. If you're 18 or older and have a bank account or debit card at a U.S. bank or credit union, you can connect it as a source of funding and generate multiple virtual cards for different online purchases.
With Privacy, you get a range of features designed to make online shopping more convenient and secure:
- Privacy Browser Extension—The extension automatically fills in your virtual card details during checkout, eliminating the need to remember payment details and enter them manually. It's available for Chrome, Edge, Firefox, Safari, and Safari for iOS (mobile).
- Privacy App—Available on both Android and iOS, the mobile app lets you create and manage virtual cards and monitor transactions on the go.
- 1Password integration—The 1Password integration allows you to manage Privacy Virtual Cards directly within the password manager's browser extension. You can store and access your virtual card details securely or use your Privacy Cards for online purchases without switching between browser extensions.
- Transaction alerts—Privacy sends real-time alerts whenever your virtual card is used or declined. If you spot any unusual activity, you can contact customer support, and Privacy will initiate an investigation and file a chargeback against the merchant if your case is valid.
Privacy Card Types & Features
Privacy allows you to create three types of virtual cards:
Privacy Cards come with the following card control features:
- Spending limits—Privacy allows you to set spending limits on your virtual cards. If a transaction exceeds the preset limit, Privacy automatically declines it. This feature can protect against hidden fees, accidental double charges, and undisclosed price increases by merchants.
- Card pausing and closing—Privacy also allows you to pause or close your Privacy Virtual Cards at any time, and it will block all subsequent transaction attempts. This feature reduces the risk of accidental charges during or after canceling services, providing peace of mind when unsubscribing from platforms like Netflix, Spotify, or Amazon Prime.
How To Join Privacy
To start generating virtual cards with Privacy, follow four easy steps:
- Register
- Verify your identity
- Link your funding source (bank account or debit card)
- Request your first Privacy Virtual Card
Privacy offers four monthly plans:
References
[1] 360iResearch. https://www.360iresearch.com/library/intelligence/virtual-cards, sourced November 14, 2024.
