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Virtual Credit Card Singapore: Everything You Need To Know Before Applying

16 February 2023

, posted by 

Aldean Moch Rafli


Virtual cards are changing the way businesses make payments. According to the B2B Digital Payment Tracker report, over half of CFOs said that they use virtual cards more frequently than before the pandemic. And even more surprisingly, 37% of B2B travelers use virtual cards more than any other payment method.

Virtual cards are a great way to stay organized and manage your finances. Let’s take a look at how virtual cards work for your business and learn everything you need to know before applying one.

Virtual Card for Business

With virtual cards becoming more popular in the B2B space, businesses can reap many benefits from incorporating them into their accounting and payment systems. Virtual cards allow businesses to transact immediately, without waiting for a traditional card to be issued.

Here, let’s dive into the many benefits of using virtual cards for your business.

Smart spend control

Virtual credit cards allow you to set limits on your spending and get real-time visibility of your expenses. If your cards are linked to an expense management software, you can also get information on your spending in real time.

Cutting-edge security

The security features are different from traditional debit or credit cards. Virtual cards use tokenization to process the cardholder’s transactions, creating a unique and randomly generated single-use code for each payment. Some platforms even equip the card with extra protection through cutting-edge fraud detection AI.

Low risk of fraud

Virtual cards are more secure than physical cards because they cannot be misplaced. The digital footprint of these transactions makes it easier to track suspicious activity. Card information is accessible through online or mobile applications, which reduces the risk of human error. This saves administrators time that would otherwise be spent going through each confirmation and checking each receipt.

Types of Virtual Cards

There are different types of virtual cards in the market. Depending on your provider, you might only be able to get one type. Not all providers issue all the following types so be sure to check with them before applying.

Virtual Debit Cards (VDC)

A virtual debit card is a type of physical debit card that is connected to your bank account and can be used to make online purchases, as well as to pay in-store with Apple and Google Pay. Debit cards have the same features as physical cards. One downside is that virtual debit cards cannot be used to withdraw funds from an ATM or card machine.

Virtual Credit Cards (VCC)

Virtual credit cards are just like regular physical credit cards, but they’re easier to use and you can link them to your account or your physical credit card. They generate random 16-digit numbers that expire after one use and new numbers are generated for future payments. 

Prepaid Virtual Cards (PVC)

Prepaid cards in Singapore are different from other virtual cards in that they are connected to prepaid accounts, like e-wallets. In Singapore, cards like these are not as popular as others, but they are still commonly used for transportation-related transactions.

How Do Virtual Cards Work in Singapore?

Virtual cards have a major impact on the e-payment market in Singapore. They are perfect for use in both online and offline transactions, making business payments easier than ever. 

By applying to virtual cards, you can simplify your B2B payment processes. They let you set limits and apply different series of controls to each card. You can even use one card for one specific purpose – such as managing vendor payouts and subscription management for businesses.

Many banks in Singapore offer virtual cards, which are becoming increasingly popular. DBS and HSBC are two of the most popular providers. Other providers to consider would be virtual cards offered by Fazz Business, which comes with in-built features for SMEs in mind. These providers offer virtual cards for corporate clients, who benefit from the convenience of business transactions.

With virtual cards at your fingertips, you can relax and feel confident that your cards are always with you. You don’t have to worry about losing your cards or having to wait for them to arrive in the mail. Plus, payments are processed quickly and easily with a secure online system.

Virtual Card Singapore FAQs

Are virtual vards Legal?

Of course, virtual credit cards are completely legal. They provide a more secure online purchase experience that protects users from hackers who could access their actual card or account information. 

Can I use a virtual card anywhere?

A virtual card can be used just like a physical bank card for online purchases and for contactless payments in stores with Apple Pay and Google Pay. Additionally, some virtual cards allow you to withdraw money from ATMs.

How to get virtual cards in Singapore?

There are many different corporate virtual credit card providers in Singapore. This includes banks, and other fintech providers. Each provider might have their own set of requirements, such as having a registered and licensed business, and a good business credit score.

Can I get a virtual credit card online?

Yes, you can choose from a variety of virtual credit card providers, depending on your needs. For starters, if you’re considering virtual cards for your business, start by looking into B2B providers such as Fazz Business

Final Takeaway

There are many reasons why it is important to start using virtual cards, including the fact that they can automate many of your payment processes. Virtual cards also save time and help to reduce the risk involved in your day-to-day business transactions.

If you’re interested in learning more about business finance management as well as payment automation and financing solutions, there are plenty of B2B tips available here.

Take Back Spend Control with a Fazz Business Card

Issue unlimited virtual cards to track spending seamlessly. With zero local transaction fees and cutting edge fraud detection, Fazz Business card is designed to help you spend smart and scale fast. Best of all, there’s zero annual fees. Apply for a card today!


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Fazz is a trading name for the following businesses that hold applicable payment business in Indonesia and Singapore.

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