Four benefits of virtual cards
Virtual credit and debit cards are modern alternatives for safe and simple spending. These mobile payment solutions allow users to spend money from their phones instead of using a physical card. Virtual cards are particularly popular with financial service companies looking to gain competitive traction in the industry. However, they also benefit businesses in unrelated fields.
Unlike physical cards, virtual cards have many innovative features that create a safe, convenient, and more controlled spending experience for users. Whether you’re a small business owner, a fintech startup, or a finance executive, you’ll love the benefits of virtual cards.
Experience the advantages of virtual cards
Virtual cards come with many unique benefits that you can’t get with standard credit or debit cards. These mobile spending solutions allow users to control their finances, optimize spending, and protect company funds with ease. With numerous advantages, many companies are switching to virtual cards.
One of the main draws of virtual cards is that they’re more convenient than physical cards. These solutions allow users to make quick and easy payments through their phones without the hassle of passing around a company card. You’ll also never have to search for your misplaced debit cards.
The mobile element of virtual cards makes online shopping easier and more convenient than ever for businesses while protecting their information.
2. Fraud protection
Both physical and virtual cards are linked to your main credit or debit account, but virtual cards protect your personally identifiable information (PII) by limiting the amount shared when you make a purchase. These mobile solutions tokenize data, encrypting your account numbers and creating a randomized sequence — or token — that you can only use to make one-time payments. Because tokens minimize the PII linked to your card, they are rendered useless to hackers.
Virtual cards lack magnetic strips and visible card numbers that can be found on physical cards, making it even more difficult for unauthorized persons to infiltrate your account. Many virtual cards also require pin numbers or face scans before granting you access to your account.
If your virtual card becomes compromised, you can simply freeze your account, cutting off fraudulent activity at the source.
3. Spending controls
Virtual cards allow you to set spending limits and choose which merchants you can pay while using them. These controls ensure that your employees spend company funds wisely, and protect your account against hackers. Many virtual cards also enable cardholders to select a date they’d like to close their card or schedule it to close automatically after one payment.
4. Subscription management
You can manage all your company’s online subscriptions through virtual cards. When you set up virtual cards for each of your subscriptions, you can easily see if a merchant overcharges you and cancel the card without changing your payment information for each vendor. With mobile cards, you can skip the hassle of cancelling a subscription by simply deleting the card entirely.
Experience the benefits of virtual cards with hydrogen cards
You can change the way your company spends money with virtual cards from Hydrogen. Our powerful card-issuing platform offers countless intelligent spending features, such as anti-fraud alerts, spending limits, and integration for the most positive payment experience.
Amber Group Valued at US$1bn in $100m Funding Round
Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.
The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”
Who is Amber Group?
Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year.
Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”
Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.