Virtual Card Business Glossary

• Virtual Card: A digital or online representation of a credit or debit card used for electronic transactions.
• One-Time Use: A virtual card designed for a single transaction, providing enhanced security by preventing reuse.
• Dynamic Card Number: A feature where the card number changes with each transaction, adding an extra layer of security.
• Burner Card: Another term for a one-time use virtual card, implying that the card is discarded or "burned" after use.
• Merchant-Locked Card: A virtual card restricted to a specific merchant or category, reducing the risk of unauthorized transactions.
• Self-Destruct Feature: A security feature that renders the virtual card unusable after a specified time or transaction limit is reached.
• Spending Limits: Restrictions set by the cardholder on the maximum amount that can be charged using the virtual card.
• Two-Factor Authentication (2FA): An additional layer of security requiring users to provide two different authentication factors, typically a password and a temporary code.
• Transaction Alerts: Notifications sent to the cardholder for every transaction or when specific thresholds are reached.
• Online Banking: The use of internet-based services to manage and monitor bank accounts, including virtual card transactions.
• CVV (Card Verification Value): A three- or four-digit security code on a card used to verify the legitimacy of a transaction, often required for online purchases.
• Fraud Protection: Security measures implemented by card issuers to detect and prevent fraudulent transactions.
• Digital Wallet: An electronic version of a physical wallet that stores virtual cards and facilitates digital transactions.
• Tokenization: The process of replacing sensitive card information with a unique identifier (token) to enhance security during transactions.
• Contactless Payment: A method of payment that uses near-field communication (NFC) technology, allowing cards or mobile devices to make secure and quick transactions.
• Encryption: The process of converting sensitive information into a coded format to prevent unauthorized access during transmission or storage.