What is a Virtual Payment & Which One Should You Have?

Virtual Payment is mainly known as online money transactions where individuals like freelancers or even business owners can use this online transaction method from the business or gigs in the online marketplace.

A virtual debit /credit card also known as Electronic Card or e-Card is a limit Debit Card created for e-commerce transactions, which provides an easy and secure way of transacting online without providing the Primary Card/Account information to the merchant.

Above all, in many countries, you cannot use all the virtual payment gateways due to regulatory issues from the companies, but we recommend the top payment terminals that you must have to start using them for your online transactions.

The key features of having a Virtual Card are as follows:


  • It reduces the risk of exposing the underlying Credit/Debit limit as the Primary Card / Account details are not communicated to the Merchant.
  • Card is valid up to a maximum of 48 hours or till the transaction is complete, whichever is earlier.
  • Card creation and online transaction are authorized only after successful validation of One Time Password (OTP) sent to your mobile during the process.

Highly Flexible

  • It enables Bank customers to pay from any of their Internet Banking enabled accounts, having transaction rights.
  • Card can be created for any amount in round rupees.
  • Card can be used at any online merchant site that accepts Debit/Credit Cards.

Easy to Use

No separate setup/installation or registration is required, any customer having internet banking facility with transaction rights can create Virtual Card.

Top 7 Rated Cross-border Virtual Payment Terminals

1. PayPal

PayPal is an American based company found in December 1998 by Elon MuskPeter ThielMax LevchinKen HoweryLuke Nosek, and Yu Pan. It is designed to operate a worldwide online payment system. It is one of the top-rated payment gateways in online money transfers serve as electronic alternatives to traditional paper money orders and checks.

There is a story behind PayPal launch its online payment service and set out to redesign worldwide money markets it effectively endured the website bust and a wild serious battle with the sale monster eBay. However, crowds of government controllers, preliminary legal lawyers, and organized out wrongdoing rings before long focused on PayPal for destruction, transforming its mission to make Internet history into a desperate battle for survival. The book from Amazon tells you everything about PayPal’s history.

Amazon Price

5 things you need to know before signing up for PayPal

  1. PayPal in its original form does not work in many countries due to regulatory issues. It is also illegal to open an account using a VPN as these accounts can be closed at any time.
  2. They are partnered with almost all online marketplaces all over the world.
  3. It is very easy to buy or sell using your mobile phones on any merchant website or app.
  4. PayPal’s transaction charges are less and are fast comparatively with your local bank transactions.
  5. You should always withdrawal your payment to your bank account.

Pricing: They take 2.9% + $0.30 per transaction and has no setup or monthly fees, and allows customers to send, receive, and hold funds in 25 currencies worldwide.

2. Amazon Pay

Amazon Pay was launched in 2007, though Amazon was founded in July 1994 by Jeff Bezos. It is the virtual payment gateway by Amazon, as far as Amazon Pay is being concerned, you can only transfer the funds to 8 countries. It is an easy, fast, and secure payment solution for merchants and shoppers. 

5 things you need to know before signing up for Amazon Pay

  1. Amazon merchants and shoppers can get offers with a fast & easy checkout from Amazon
  2. They have excellent customer service
  3. Minimize the cost of transactions 
  4. Connect Amazon Pay with your online business platforms easily
  5. Get the trust in retailing and selling products from Amazon with higher average order values than leading alternative payment solutions

Pricing: Amazon Pay charges 2.7%+ 30p per transaction for those processing less than $60,000 per month, customers who use VISA and Mastercard can pay in any of the 12 currencies

3. Paysafe

Paysafe Group is a multinational payment company, it is the parent group for the most used virtual payment gateways, Skrill, and Netteller. The Paysafe Group with its subsidiaries which is involved in many countries for internet payment services.

5 things you need to know before signing up for Paysafe

  1. Paysafe is good for business users who has online business channels all around the world
  2. They are very effective with consumer services
  3. They have their own products such as Paycash for easy transactions
  4. Paysafe Group is the parent company of Income Access digital marketing company
  5. It is recommended for big online businesses.

Pricing: With Paysafe card, the model starts from 15% for low transaction volumes down to 9.5 % for merchants with more than 350.000 € transaction volume. Different pricing may apply for selected industries and Payment Service Providers (PSPs).

4. Skrill

UK company launched in July 2001, their parent company Paysafe Group limited which also has other online payment companies. More than 25 million people around the world prefer to use Skrill as their payment solution for online purchases. With no regularity issues, it is the most recommended virtual payment on the list.

5 things you need to know before signing up for Skrill

  1. You will find users from many different countries all around the world using Skrill
  2. Most convenient virtual payment to use for business and personal
  3. For every transaction made by Skrill, its Knect program can earn rewards with points for cash as soon as you have enough.
  4. Skrill uses a wide range of funding options such as debit and credit cards, bank transfer, Maestro Debit card, and as a global payment method, Swift etc.
  5. Withdrawing funds from a Skrill account costs $5.50

Pricing: Skrill user costs 1.9% of the transaction (maximum charge of $20) and hold funds in 40 supported currencies.

5. Neteller

Netteller is the subsidiary to Skrill, they both are sister concerns of their parent company Paysafe Group. Neteller created in 1999 and there are not many differences between Netteller and Skrill except for the Neteller site are slightly more accessible, with a ‘ support option and the call support in 18 different countries. 

5 things you need to know before signing up for Netteller

  1. Netteller VIP service has more options then Skrill VIP, from daily money withdrawal to management services. Netteller VIP services are faster and efficient. 
  2. You can use Nettler card in mostly every country you visit with daily different withdrawal amounts in 5 level categories, Bronze, Silver, Gold, Platinum, and Diamond
  3. Netteller is more for business users than personal
  4. Netteller has options for cryptocurrencies transfers and can be used in their partnered online gambling platforms.
  5. Fees are a bit higher in Netteller than Skrill

Pricing: NETELLER fee for sending money is 1.45%, min USD 0.50, you may hold a NETELLER account in one currency only, selected when you have first opened your account. If you wish to use a different currency, you will need to close your existing account and open a new one in the new currency.

6. Payoneer

Using a Payoneer account will save a considerable sum of fees, because it has currencies such as USD, Eur, GBP, CAD, AUD, CNH & JPY accounts based in the country or region the currencies are used. 

Founded by Yuval Tal in 2005, the transaction through Payoneer. Payoneer has been used by many consumers such as freelancers and intermediate online marketplaces.

5 things you need to know before signing up for Payoneer

  1. You can find Payoneer in most online marketplaces
  2. It is very easy to use digital payment platform
  3. Most recommended having Payoneer card as your first online-based payment
  4. Connecting with your local bank account is easy, and money transfer is also faster than your local bank transfers.
  5. Payoneer is used in 200 countries all around the world

Pricing: The fee of 2% applies when making a payment from your Payoneer balance to a recipient’s bank account, funds 150 currencies.

7. TransferWise

The UK company online money transfer service founded by Taavet Hinrikus and Kristo Käärmann in January 2011 has its name in wise money transferring across 750 currency routes across the world. 

The best part about using TransferWise is the savings you can have as an individual, they have the fastest and convenient exchange rate.

5 things you need to know before signing up for TransferWise

  1. TransferWise is open to providing all their services and information about finance.
  2. Their fees and conversion rates are reasonable.
  3. For travellers who travel the world but there are minor regulatory issues on transferring money in some countries.
  4. Always be careful when sending money, keep all the details intact until your receiver received the money.
  5. An alternative to WesternUnion and their rates are fixed.


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