What is a non-physical card? Can non-physical cards withdraw money?

Non-physical cards are widely used today thanks to the outstanding benefits they bring. However, is it any different from a regular physical card? This article from DNSE will clarify what a non-physical card is as well as provide detailed information about the benefits and uses of non-physical cards. Let’s find out.

What is a non-physical card?

What is a non-physical card?

A non-physical card is a type of bank card that does not exist physically. The form of existence of the card is the format on the issuing bank’s application. However, the card still contains all the information such as: cardholder name, card number, card type, issuing bank… Non-physical cards are used for transactions via the internet, phone or other electronic devices. .

There are two non-physical ways to open a card. You can go to a bank transaction office or open a card directly on that bank’s internet banking application. You can also ask your bank to print your non-physical card as a physical card.

Non-physical card classification

Non-physical cards include two types

Debit card

Non-physical debit cards have the same features as physical debit cards. No matter how much money is on the card, you can only use the maximum amount, you cannot use it beyond the limit.

This type of card includes: domestic debit card and international debit card. With a domestic debit card, you can use it to pay for domestic shopping bills. In contrast, international debit cards have a global reach. There are international debit cards such as MasterCard Debit, Visa Debit, JCB Debit,…

Credit card (Credit card)

A non-physical credit card is a card that integrates the functions of a regular credit card. Credit cards allow customers to use the amount within the pre-agreed limit with the bank without having to have a balance on the card. Simply put, this is a card that helps you make purchases first and pay back to the bank later.

Non-physical credit cards also include domestic cards and international cards. In particular, customers can also receive refunds, accumulate points on the card, receive discount vouchers when shopping online…

See more: What is a credit card? Classification and benefits of credit cards

How to use non-physical cards

Payment and withdrawal are easy with the following steps

Pay

You can easily pay when shopping in person with a non-physical card with these steps:

• Step 1: Access the bank’s application and select Payment by QR code.
• Step 2: The cashier will scan your QR code.
• Step 3: After scanning, the transaction you need to pay will appear on your phone screen.
• Step 4: Click Payment.

Withdraw money

Note: You can only withdraw money using a non-physical card at ATMs that have the QR code scanning feature.

You take the following steps to withdraw money:

• Step 1: Access the bank’s application and select the QR Pay feature.
• Step 2: Click on number 9 on the ATM screen then click on the QR Code icon.
• Step 3: Scan the QR code on the ATM screen.
• Step 4: After scanning the QR code, select the card source, withdrawal amount and confirm transaction.
• Step 5: Enter the card’s PIN code and receive money.

Can non-physical cards withdraw money?

Non-physical cards of any bank can withdraw money through the application , the first condition is that ATMs must have the function of withdrawing money or scanning QR codes. Along with that, withdrawing money with a non-physical card can only use the ATM of the providing bank, and cannot be done at other banks.

Benefits of using non-physical cards

Non-physical cards possess many outstanding advantages, so they are increasingly used. Typical benefits can include:

• Open a card easily and quickly right on the bank’s application.
• You can use the services immediately after successful registration.
• Diverse features and services like normal physical cards. Except for the POS card swipe feature.
• High account security, safer than regular physical cards. Don’t worry about your card information being dropped, lost or stolen.
• Completely 100% free when opening and using the card.

Risks of using non-physical cards

Along with being more convenient and safer than traditional physical cards, non-physical cards also have some potential risks that users need to pay attention to to ensure the safety of their accounts and transactions. Here are some common risks:

Risk of information disclosure

• Fraudulent via text, call or email: Thieves can impersonate bank employees or reputable organizations to lure users into providing card information, including PIN, OTP, or install malicious software. harmful.
• Information stolen when paying online: If you use unsafe public wifi networks or access fake websites, card information can be stolen by hackers.
• Lost or stolen mobile device: Mobile devices store banking apps and card information, so if lost or stolen, thieves can easily access accounts and make transactions cheat.

Security risks

• Security holes in banking applications: Banking applications may have security holes, creating opportunities for hackers to penetrate and steal information.
• Viruses and malware: Viruses and malware can be installed on mobile devices to steal card information or commit fraudulent transactions
• Use weak or easy-to-guess passwords: Weak or easy-to-guess passwords can be cracked by thieves, leading to unauthorized access to accounts.

Systemic risks

• Banking system losses: Banking system losses can lead to incorrectly recording account balances, making incorrect transactions or losing money.
• Online payment system error: Online payment system error can lead to unsuccessful payments or refunds, causing disputes and inconvenience for users.

Compare non-physical cards and physical cards

Each type of card has its own advantages and disadvantages

Compare non-physical cards and physical cards

Conclude

Non-physical cards are safe, convenient, highly secure and widely used today. Hopefully the information provided above has helped you resolve your questions about non-physical cards. And don’t forget to visit the DNSE website regularly to update more useful information about finance and stocks.