You must have already heard of digital cards and how they are taking over the fintech space by storm, especially in India. It goes to show that online credit cards are the newest preference for consumers in the country, as they not only go cashless but physical cardless as well. Consumers now prefer completely secure, transparent, touch-free and easy ways to make digital payments, and this has completely transformed the entire foundation of the system, right from onboarding new consumers and carrying out KYC verifications, to opening their digital accounts. The whole procedure has become simpler and easier to understand for not just financial institutions but also their growing base of consumers in turn.
With virtual cards being issued, financial institutions are also able to instantly activate, provision, and manage aspects related to cards on various consumer devices, thereby ensuring secure and hassle-free credit access for in-store, app, or online payments. Digital cards have 16-digit numbers just like their plastic peers, and they are also generated automatically. They are assigned to accounts of customers and the virtual cards may be used for various purposes. These include recharging mobile phone accounts, sending money, shopping online, paying bills, withdrawing money from ATMs without cards, and also taking care of contactless in-store transactions.
There are one variant of digital cards, which are single-usage offerings, with validity for a particular time period which is 24-48 hours in most cases. They have real-time regulation adjustment features as well with several security protocols and controls. The card market is already on an upswing, demonstrated by figures for the period between 2017 and 2021. Reports indicate how the prepaid card segment has seen 19.9% CAGR (compounded annual growth rate) for this period. The market is expected to see 31.1% CAGR over 2022-26, touching a handsome US$105.43 billion by the year 2026. A large chunk of this space should be dominated by virtual cards in future years as well. People are slowly shifting to more advanced and tech-driven operational models and this trend should witness higher growth as a result.
At the same time, having such a virtual card is also beneficial in more ways than one. There are lesser entry barriers towards obtaining these cards and at the same time, they may be obtained by completing basic KYC procedures. People can readily pay for their purchases swiftly without having to worry about the lack of available funds at that moment. They can cover their financial requirements and repay the same conveniently later on. Everything is easily trackable online and there is considerable ease in making payments as well. Hence, this card works as a savior when people require access to funds suddenly, especially when there are urgent purchases to make for various reasons.
A swift, rewarding and innovative digital card- LazyCard
LazyPay offers its pioneering LazyCard, which is a unique digital card for meeting various needs with aplomb. There is also a cashback of Rs. 500 for the first transaction, along with swift and hassle-free KYC procedures. The card has a limit of Rs. 5 lakh while offering several enticing rewards, which will transform the entire experience for users. The acceptance rate stands at 99.50% countrywide, while there are zero hidden or annual charges. Instant cashback aside, another benefit is the low rates of interest charged on various transactions. This card is free for a lifetime while adhering to the strictest safety protocols.
The LazyCard offers its users the scope to purchase all online and offline items. There are no more entry hurdles, and you can use it across the country in both virtual and physical forms. You can also control your card operations with your dedicated LazyPay app. There are several exciting rewards for referrals as well.
Digital cards are certainly here to stay. The dawn of online credit cards has taken place, and the trend should only gain more traction in the near future. People will naturally prefer more cashless transactions in the times to come, considering the dawn of digital payments throughout the country. Hence, cards like the LazyCard should be great options for usage in terms of carrying out transactions across both online and offline stores alike. The best part is that with such a card, everything is visible and controllable with a smartphone application. Convenience-wise, there can be no better option than such a system as most experts would agree. Here’s to using these cards effectively and wisely to usher in a new dawn of financial transactions and inclusion alike.