Best virtual cards for businesses in Singapore in 2024

The difference between a virtual card and physical credit or debit card is that a virtual card does not have a physical form and is intangible in nature. You can use such a card through a mobile app or a web browser through a specific platform made by the virtual card provider.

In general, a user or employee of a business using a platform must apply for issuing a virtual card from their seniors. Once approved, the user is given access to the virtual card with important details such as the card number, expiry date, and a CVV(Card Verification Value) or PIN code for authenticating payments.

Funds are usually preloaded and determined while applying for the card. Some of the best virtual cards in Singapore can even be used for in-person offline payments if they are supported by third-party payment apps such as Google Pay and Apple Pay.

While most virtual cards function in the same way, they can be differentiated based on certain aspects of their usage. Listed below are some types of virtual cards you can create and use depending on your provider:

• Single-use virtual cards: When companies need to make one-time expenses(Eg. - Christmas gifts for employees) they can issue single-use virtual cards. Once a payment is made through such a card, it will automatically become invalid and not be usable anymore. 

• Multi-use virtual cards: This would be the most common type of virtual card, that can be used for multiple transactions. Just like a normal credit or debit card, you can use it as long as it has a balance to spend from and it has not reached its expiry date. 

• Reloadable virtual cards: A reloadable virtual card is a slightly enhanced version of a multi-use virtual card wherein funds are loaded and reloaded manually or automatically. This card can be used multiple times if the card expires or if its balance is depleted. 

• Prepaid virtual cards: Compared to a reloadable virtual card, a prepaid virtual card is pre-funded with a specific balance at regular intervals, usually a month. An individual can only spend the balance amount that is preloaded. 

• Virtual credit cards: These cards function exactly like credit cards except that they are present virtually on a system. Rather than a preloaded amount, this card makes payments from a credit limit that is assigned to it. Read our guide on virtual credit cards in Singapore to know in detail.

Choosing the best virtual cards for startups among these different types is a matter of situational preference and convenience.

Volopay virtual cards are extremely secure and safe to use for payments. Since they are not directly linked to a bank account, even if the card details are leaked, a fraudster will not be able to trace a bank account to steal money.

Additionally, you can temporarily freeze the card or permanently block it through our platform so that payments can’t be made through it, and the balance of money available on the card is safe.

Volopay allows admins to set custom spending limits on each virtual card that is issued. This ensures that there is no case of overspending and employees don’t accidentally spend beyond their allotted budgets.

For Volopay users that use our virtual corporate cards along with our credit line, you can rest assured that there are no personal guarantees involved in the repayment of the card bill. The company that an employee is a part of is the only entity responsible for paying back the card bills.

What makes an already great product even better is the quality of support that a user gets from the card provider.

At Volopay, each customer is assigned an individual customer support representative who is responsible for onboarding you, ensuring that you can issue virtual cards seamlessly, and solve any queries related to the platform.

You can create unlimited virtual cards through Volopay’s platform and manage expenses as per your needs.

Issuing a new card is as simple as clicking on a button, filling in the card budget requirements, and getting it approved by your seniors on the platform.

Since all the transaction data is captured in real-time, Volopay’s analytics capabilities are able to produce in-depth spending reports with insights that show spending behavior.

You can filter the analytics to specifically see virtual card expenses, compare the previous month’s expenses with the current month, track individual employee spending through virtual cards, and so much more!

Being able to produce these in-depth insights is one of the main reasons why many brands consider Volopay to be one of the best virtual cards for startups.

Volopay does not levy any additional or hidden charges to issue and use virtual cards on our platform. We maintain this transparency throughout the platform to give our users the best experience possible.

Finally, Volopay also gives a company the benefit of being able to track all expenses within a single platform. This increases the visibility of expenses across the organization and brings transparency to budget spending.

Pros:

• DBS virtual cards can be used for travel expenses, which can help businesses better manage and track their expenses.

• The cards have customizable spending limits, allowing businesses to control their spending.

• DBS virtual cards also offer enhanced security features, such as one-time use or limited-use numbers, which can prevent fraud and unauthorized transactions.

• The virtual cards can be accessed through a mobile app, making it easy for employees to use them while on the go.

Cons:

• The cards are only available to DBS corporate customers, which may limit their availability.

• DBS virtual cards may not be as widely accepted as physical cards, which could limit their usefulness in certain situations.



Pros:

• AMEX Virtual Global Business Card allows businesses to manage their expenses easily, with detailed reports and analysis available online.

• The cards can be used for both online and in-person purchases, giving businesses flexibility in their spending.

• AMEX virtual cards also offer enhanced security features, such as real-time fraud detection and zero liability protection.

• The cards can be used globally, which can be useful for businesses with international operations and makes it one of the best virtual cards for startups.

Cons:

• AMEX virtual cards may have higher fees or interest rates compared to other virtual card providers.

• The cards may not be as widely accepted as physical AMEX cards, which could limit their usefulness in certain situations.

Pros:

• Maybank virtual cards are easy to use and can be accessed through a mobile app.

• The cards can be used for online or in-person purchases, giving businesses flexibility in their spending.

• Maybank virtual cards offer enhanced security features, such as one-time use or limited use numbers, which can prevent fraud and unauthorized transactions.

• The cards have customizable spending limits, allowing businesses to control their spending.

Cons:

• Maybank virtual cards may have limited availability outside of Singapore, which could limit their usefulness for businesses with international operations.

• The cards may not be as widely accepted as physical cards, which could limit their usefulness in certain situations.

Pros:

• Wise virtual cards are easy to use and can be accessed through a mobile app.

• The cards can be used for online or in-person purchases, giving businesses flexibility in their spending.

• Wise virtual cards offer competitive exchange rates for international transactions, which can be useful for businesses with international operations.

• The cards have customizable spending limits, allowing businesses to control their spending.

Cons:

• Wise virtual cards may have limited availability outside of certain countries, which could limit their usefulness for businesses with global operations.

• The cards may have limited rewards or other benefits compared to other virtual card providers.

Pros:

• Citi virtual cards offer enhanced security features, such as real-time fraud detection and zero liability protection.

• The cards can be used for both online and in-person purchases, giving businesses flexibility in their spending.

• Citi virtual cards have customizable spending limits, allowing businesses to control their spending.

• The cards can be used globally, which can be useful for businesses with international operations.

Cons:

• Citi virtual cards may have higher fees or interest rates compared to other virtual card providers.

• The cards may not be as widely accepted as physical Citi cards, which could limit their usefulness in certain situations.

Pros:

• HSBC virtual cards offer enhanced security features, such as one-time use or limited-use numbers, which can prevent fraud and unauthorized transactions.

• The cards can be used for both online and in-person purchases, giving businesses flexibility in their spending.

• HSBC virtual cards have customizable spending limits, allowing businesses to control their spending.

Cons:

• Include potential restrictions on where they can be used and higher costs than other virtual card providers.