Have you ever wondered what happens to bank and credit cards (and all other cards) now that everyone is moving to mobile and the cloud? After all, no one in the future will use a plastic (or corn!) Planing card?
It is certainly possible that the card will go down in history at some point. Although this has been the case for cash for years, it is still a very popular payment method in the world and is often a necessity for travelers, for example. Also, mobile has not hit more traditional card methods in Finland, for example, mobile banks are not of interest to Finns.
Credit card companies as developers of new methods
Credit card companies are working hard on new payment methods and tools. It is not in their interest to provide services that do not interest people. In other words, it is not smart to try to stop development and force people to use physical cards if they no longer sit on the world stage. For example, MasterCard has already launched self-payment.
It doesn’t matter much to credit card companies whether the card is mobile or physical. However, the operating principle is always very similar: the customer pays by credit card (physical or mobile) and receives certain benefits.
Do you already know how proximity payments work?
What is a Mobile Credit Card?
A mobile credit card often refers to a credit card that is in digital form, that is, the so-called virtual credit card. This sets it apart from a traditional, physical credit card. Many mobile credit cards are still under development, but in Finland, for example, Good Finance offers a prepaid mobile credit card.
Good Finance has taken over the development of the former Good lender Wallet application, and Good Finance Wallet has evolved into a current mobile application suite. For example, they have an online payment card. It is especially designed for online shopping. There is no physical card at all, but all information can be found in the application. he same path. And a mobile wallet includes a mobile credit card just like a regular wallet includes a regular credit card.
How does a mobile credit card work?
The corresponding security code can be found on the back of physical plastic credit cards.
Since the card is not physical, it is possible to duplicate it indefinitely. For example, it is possible for each family member or each online store to have their own card and their own usage restrictions. All purchases will always be charged to your Wallet account.
In practice, before you start shopping, you’ll need to link Visa, MasterCard, or Visa Electron to your Wallet Account. This allows your credit card to be cashed into your Wallet account. You can also transfer money from your bank account, but be aware that the transfer may take a few days.