9 best virtual credit cards in Singapore (2025)
Singapore's digital payment landscape has evolved dramatically, with virtual credit cards becoming essential tools for modern businesses. These digital payment solutions offer enhanced security, streamlined expense management, and real-time control over corporate spending.
Whether you're a startup or an established enterprise, finding the best virtual credit cards in Singapore can significantly impact your financial operations.
This comprehensive guide explores the top virtual card providers, helping you make informed decisions about digital payment solutions that align with your business needs and Singapore's regulatory requirements.
What is a virtual credit card?
Any card under the virtual card umbrella functions as the digital counterpart of a regular physical card. You aren’t required to have a physical plastic card to make a payment.
Typically, virtual cards are primarily used for online payments, managing subscriptions, and making one-time purchases, offering convenience and enhanced security without the need for a physical card.
As the name suggests, a virtual credit card in Singapore allows you to spend using your credit limit and repay the bill at the end of the billing period.
How does a virtual credit card work?
Just like physical credit cards, your virtual credit cards are linked directly to your account. This means that your provider will have a record of how much you have spent, which you’ll have to repay at the end of the billing period. Ensure that you have a sufficient credit limit so that you can use your virtual credit card.
Best business virtual card providers in Singapore - A quick overview
Best virtual card providers in Singapore
There are many card providers in Singapore that offer virtual cards for businesses. When choosing a provider, consider the unique features they offer and their specific applications and requirements for a virtual card in Singapore.
Here are some of the best virtual card providers that you’ll want to look at in Singapore.
1. Volopay
● Overview
Volopay's virtual card lets you manage your vendor payments, subscriptions, and employee expenses. Each card can have its own dedicated purpose and spending limits for your convenience.
● Set-up process and requirements
You’ll have to sign up for and be onboarded onto the Volopay platform to start using its virtual cards. The application process is hassle-free and fully online. After you have been approved and activated, you can immediately generate virtual cards via the dashboard.
● Key features of the card
Get built-in spend control features for all your virtual cards through the Volopay dashboard. You can implement multi-level approval workflows, set individual spend limits, and even freeze or block your cards in just a few clicks. Every transaction made with your Volopay virtual card will be automatically recorded and easily trackable in real-time.
● Limitations
Some enterprises may be deterred by the fact that Volopay doesn’t have a physical banking location, but all your card management can be done fully online—including an in-depth look into your card statements.
● Targeted customers
Businesses that are looking for a holistic expense management solution could benefit from using Volopay virtual cards. They are easily linked to the Volopay platform, which can be used to manage all sorts of expenses—from vendor payouts to daily employee expenses!
● G2 rating
Highly rated on G2 with an average of 4.3 out of 5 stars for our user-friendly interface and excellent customer support.
2. Aspire virtual card
● Overview
Get virtual credit cards for your business in multiple currencies with Aspire. As a fintech institution offering business account solutions to make doing business in Singapore easier, Aspire allows you to generate virtual cards for your team through its online platform.
● Set-up process and requirements
You must open an Aspire account to get access to its virtual card offering. The Aspire account application process is done fully online and can be done quickly.
● Key features of the card
Aspire boasts a 1% cashback on an unlimited number of purchases, which you can get by making transactions through your Aspire virtual credit card in Singapore or internationally. Create cards in SGD, USD, and IDR while customizing and managing each card’s spend limit. You can also add cards to Apple Pay or Google Wallet.
● Limitations
If you’re looking to use your virtual cards in many different currencies, you may want to consider another provider with more multi-currency features. You can only create cards in SGD, USD, and IDR.
● Targeted customers
Aspire is a solution that many modern businesses may consider, especially startups or newer SMEs. If your business manages a lot of its finances online, Aspire virtual cards could be well-suited for you.
3. AMEX virtual global business card
● Overview
As the card name suggests, the AMEX virtual global business card is a tool for businesses that deal with a lot of international vendors. In Singapore, American Express also offers a business travel account that uses virtual card numbers for travel bookings.
● Set-up process and requirements
Get started with American Express by contacting an AMEX specialist in Singapore. You will be directed to the application form and requirements in greater detail.
● Key features of the card
You can use your AMEX virtual global business card internationally. This makes it easy for employees on business trips, especially if they don’t have a physical card to hold on to. Payments for hotel bookings, transportation arrangements, and more can be made online with your AMEX virtual card. All transactions will be easily consolidated through a single dashboard.
● Limitations
While your AMEX virtual global business card will be accepted internationally, many countries still don’t have wide AMEX acceptances. If your business trips are primarily happening in these countries, you may want to consider another provider.
● Targeted customers
Given the emphasis on corporate travel, businesses that have a need for better travel expense management could leverage the AMEX virtual cards.
4. Wise virtual cards
● Overview
Wise boasts the best virtual credit card for cross-border transactions. These cards can be used internationally with ease and support multiple currencies. Get a virtual card when you order a physical Wise card.
● Set-up process and requirements
The application process can be done fully online. It requires registering for a Wise account first, which you can do through its website or mobile app. After approval, you can add funds to your Wise account and start using your virtual cards.
● Key features of the card
A Wise virtual card is automatically generated when you order a physical card. While your Wise card is primarily meant for online transactions, you can add them to a digital wallet such as Google Pay or Apple Pay to use them for in-store transactions. Wise allows you to hold an account balance in 40+ currencies, which you can use for your virtual cards. You can have up to 3 Wise virtual cards at any given time.
● Limitations
While a Wise card has similar functionalities to a virtual credit card for transactions, Wise does not actually offer credit. You are also only limited to 3 Wise virtual cards.
● Targeted customers
If your organization does a lot of business internationally or has many foreign vendors, the 40+ multi-currency support could suit you well.
5. HSBC virtual cards
● Overview
You don’t have to wait for your HSBC physical card to appear in the mail. Instead, get virtual cards to make business transactions easily. Use HSBC’s online MiVision platform to generate and manage your cards.
● Set-up process and requirements
If your business is an HSBC customer and you already have a corporate physical card with the bank, you can get access to the virtual card instantaneously. Otherwise, you’ll have to first become a customer of the bank. Applications can be done online.
● Key features of the card
HSBC introduces an easy way to make single, batch, and repeat payments to suppliers using its business virtual credit card. Use transaction-level controls through MiVision to introduce better control and transparency. You can also get up to 53 interest-free days to improve your cash flow management.
● Limitations
As with most banks, you are likely to be subjected to higher thresholds when it comes to your application and credit scoring. Note that you also must have an existing HSBC physical credit card or be waiting for one to get delivered.
● Targeted customers
Bigger businesses are suited to use HSBC virtual cards. If credit card rewards and cashback matter a lot to your organization, you can also earn them using the HSBC virtual credit card in Singapore.
6. DBS virtual cards
● Overview
Improve your efficiency and expense management with DBS virtual cards, particularly in the corporate travel sphere. Get built-in control features to manage your funds and ensure your cards are not misused easily.
● Set-up process and requirements
You can apply for a DBS corporate card online or via call, which can be done both from inside Singapore or overseas. A sales manager will walk you through the detailed requirements necessary.
● Key features of the card
The DBS Digibank app is your control center for your virtual cards. Use it to manage expenses and get enhanced card reporting features. DBS virtual cards can centralize your corporate travel expenses, such as airline ticket bookings, on one platform. Similar to HSBC, you also get the same rewards and cashback applicable for your DBS physical credit cards when you use their virtual counterparts.
● Limitations
While DBS virtual cards are easy to apply for online, you may run into similar issues that you would with other banks, which are more requirements. Being approved for a corporate credit card by a bank is not always easy.
● Targeted customers
Businesses looking to apply for virtual cards with a bank but still want the set-up process to be easy can consider DBS. It also is geared specifically for businesses with plenty of corporate travel.
7. Maybank virtual cards
● Overview
Maybank’s virtual cards come in tandem with its physical commercial cards. For each commercial card you have, get a virtual equivalent you can use to make digital payments easier and safer.
● Set-up process and requirements
Apply for a Maybank commercial card to get access to its digital card equivalent, which you can use via Apple Pay or Samsung Pay. There is a fee of SGD 180 for the physical commercial card, with the first two years waived.
● Key features of the card
Maybank offers a business Mastercard program with flexible credit limits and up to 51 interest-free days. This will be your main physical card, which will have a digital counterpart that you can attach to Apple or Samsung Pay for online or in-store purchases. Get KrisFlyer and Asia Miles rewards by using a Maybank virtual card.
● Limitations
You can only get one virtual credit card in Singapore for each Maybank commercial card your business uses. This means no unlimited virtual cards.
● Targeted customers
If you have no need for unlimited virtual credit cards and simply want a more secure alternative to a physical commercial card, Maybank offers a great solution to improve security and reduce the risk of compromised cards.
8. Citi virtual cards (Citibank)
● Overview
Citi’s virtual card offering does not include the free generation of unlimited cards, but using a Citi virtual card still makes online—and in some cases, in-store—payments much simpler.
● Set-up process and requirements
You’ll have to apply for a physical Citi card to get the virtual card equivalent set up. While the first year fee is waived, for every physical Citi card you’ll have to pay an annual fee of SGD 150 from the second year onwards.
● Key features of the card
The way Citi virtual cards work is that you’ll have to have a physical Citi business card first, or at least have it ordered. You’ll then receive a digital version of the card that you can add to your e-wallets, such as Apple Pay or Google Pay.
Using Citi virtual cards provides a secure and controlled way to manage business payments, offering benefits like fraud prevention, customizable transaction controls, and simplified reconciliation for commercial clients.
● Limitations
While Citibank is reputable and an institution many Singapore businesses trust, Citi may not be the best virtual credit card provider if you’re looking to generate an unlimited number of virtual cards for your business.
● Targeted customers
If you have a lot of business transactions that must be made in-store, such as entertaining customers over lunch or dinner, but you don’t want to risk carrying a physical card around, Citi virtual cards are a good contactless payment solution.
9. Revolut virtual cards
● Overview
Revolut offers digital payment cards that are free to create and can be used instantly. These virtual cards function as alternatives to physical cards and are part of Revolut's multi-currency account platform.
Revolut is authorised as a Major Payment Institution, independently regulated by the Monetary Authority of Singapore, providing users with secure digital payment solutions for both online and mobile wallet transactions.
● Set-up process and requirements
Creating a Revolut virtual card takes just a few seconds through the Revolut mobile app. To access Revolut's services in Singapore, users must first sign up for a Revolut account and complete the verification process. Revolut cards are available with the Standard, Premium, and Metal plans.
● Key features of the card
Revolut's virtual cards come with several notable features:
-Instant availability: Virtual cards can be used for any online payments and can also be added to Apple Pay or Google Pay for payments.
-Multi-currency support: Users can hold 30+ currencies and pay like a local in 100+ countries.
-Multiple cards: Users can create up to 30 virtual cards in-app.
-Security controls: Card freezing and spending limits can be controlled directly in the app with a few taps.
-Competitive exchange rates: All Revolut account tiers have some no-fee currency conversion, which uses the mid-market or wholesale rate.
● Limitations
While Revolut virtual cards offer convenience, there are some considerations:
-Account fees: The Standard plan has no monthly fee, but Premium and Metal plans require ongoing subscription fees to unlock additional benefits.
-Plan-dependent features: The number of virtual cards and certain benefits vary depending on the chosen subscription plan.
-Weekend currency exchange: Additional fees may apply for currency exchanges conducted outside weekday hours.
-Physical presence: Virtual cards cannot be used at merchants that require physical card insertion (though they work with contactless payments via mobile wallets).
● Targeted customers
Revolut virtual cards are ideal for frequent online shoppers, international travellers and expats, digital-first users who prefer managing their finances entirely through mobile apps, budget-conscious spenders, and security-minded individuals who value granular spending controls with the ability to freeze cards instantly through the app.
● G2 rating
Revolut holds a G2 rating of 3.9/5, with praise for the UI.
Key features of a virtual credit card
Understanding the core features of virtual credit cards for business helps you evaluate which provider best suits your operational needs.
Instant virtual card issuance
Modern virtual card platforms generate cards within seconds, eliminating the waiting period associated with physical cards.
You can create multiple cards instantly for different departments, projects, or employees, ensuring immediate access to payment capabilities when business needs arise.
Single-use or multi-use options
Virtual cards offer flexibility through single-use cards for one-time transactions or multi-use cards for recurring payments.
Single-use cards provide maximum security for large purchases or unfamiliar vendors, while multi-use cards streamline ongoing business relationships and subscription services.
Custom spending limits
Set precise spending limits for each virtual card, preventing overspending and maintaining budget control.
These limits can be adjusted in real-time, allowing dynamic management of employee expenses based on project requirements, seasonal variations, or changing business priorities.
Real-time transaction tracking
Monitor all transactions as they occur, providing immediate visibility into company spending patterns.
Real-time tracking enables quick identification of unauthorized transactions, budget overruns, or unusual spending behavior, enhancing overall financial oversight.
Merchant & category restrictions
Control where cards can be used by restricting specific merchants or spending categories.
This feature prevents misuse by limiting cards to approved vendors, business-related categories, or specific geographic regions, ensuring compliance with company policies.
Multi-currency support
Handle international transactions seamlessly with built-in currency conversion capabilities.
Multi-currency support reduces foreign exchange fees, provides competitive conversion rates, and simplifies cross-border payments for businesses operating globally or working with international suppliers.
Integration with accounting software
Automatic synchronization with popular accounting platforms eliminates manual data entry and reduces reconciliation time.
Integration capabilities streamline bookkeeping processes, improve accuracy, and provide comprehensive financial reporting across all payment channels.
Enhanced fraud protection
Advanced security features, including transaction monitoring, velocity checks, and machine learning algorithms, detect suspicious activity.
Enhanced fraud protection minimizes financial losses, protects sensitive business information, and maintains transaction integrity across all payment channels.
Mobile wallet compatibility
Virtual cards integrate with popular mobile payment platforms, enabling contactless payments and improving transaction convenience.
Mobile compatibility supports modern payment preferences while maintaining security standards and transaction tracking capabilities.
Automatic card expiry & renewal
Automated card lifecycle management prevents service disruptions through timely renewals and expiry notifications.
This feature ensures continuous payment capabilities while providing opportunities to review and adjust card parameters based on usage patterns and changing business needs.
Advantages of virtual credit cards for your business
Implementing the best virtual credit cards in your business operations provides numerous strategic advantages that extend beyond traditional payment methods.
1. Improved payment security
Virtual cards eliminate physical card theft risks and provide unique card numbers for each transaction or vendor.
Advanced encryption and tokenization protect sensitive financial information, while temporary card numbers prevent long-term exposure of your primary account details to potential security breaches.
2. Reduced fraud risk
Sophisticated fraud detection systems monitor transaction patterns and flag suspicious activities in real-time.
Machine learning algorithms adapt to your spending patterns, automatically blocking potentially fraudulent transactions while allowing legitimate business purchases to proceed smoothly.
3. Simplified expense management
Centralized expense tracking consolidates all virtual card transactions into comprehensive dashboards, providing clear visibility into spending patterns.
Automated categorization and receipt matching streamline expense reporting, reducing administrative burden and improving accuracy in financial records.
4. Real-time spending visibility
Instant transaction notifications and live spending dashboards enable proactive budget management.
Real-time visibility allows immediate responses to unusual spending patterns, budget overruns, or unauthorized transactions, maintaining tight control over corporate finances.
5. Faster vendor payments
Eliminate payment delays associated with check processing or wire transfers through instant virtual card payments.
Faster payments improve vendor relationships, enable early payment discounts, and enhance cash flow management by providing precise control over payment timing.
6. Flexible spending controls
Dynamic spending limits and merchant restrictions adapt to changing business needs without requiring new card issuance.
Flexible controls enable project-specific budgets, seasonal adjustments, and employee-specific spending parameters while maintaining overall financial discipline.
7. Easy international transactions
Built-in multi-currency capabilities simplify cross-border payments without additional foreign exchange fees or complex wire transfer processes.
International transaction support enables global vendor relationships and international market expansion without traditional banking complexities.
8. Streamlined reconciliation
Automated transaction categorization and accounting software integration eliminate manual reconciliation tasks.
Streamlined processes reduce month-end closing time, improve accuracy, and provide detailed audit trails for all business expenditures across multiple departments and projects.
9. Lower administrative costs
Reduced manual processing, automated expense reporting, and the elimination of physical card management significantly decrease administrative overhead.
Lower costs result from decreased staff time spent on expense processing, reduced errors requiring correction, and simplified audit procedures.
Common use cases for virtual credit cards in businesses
Virtual credit cards in Singapore serve diverse business payment scenarios, each benefiting from unique virtual card advantages.
Paying SaaS subscriptions
Virtual cards provide secure, automated payment methods for software subscriptions while enabling easy cancellation and spending tracking.
Individual cards for each service prevent unauthorized access to primary accounts and simplify budget allocation across different software tools.
Vendor and supplier payments
Create dedicated virtual cards for specific suppliers, enabling precise spending controls and transaction tracking.
This approach improves vendor relationship management while maintaining security through isolated payment channels that protect primary business accounts.
Travel and accommodation expenses
Issue temporary virtual cards for business travel, pre-loaded with approved amounts for specific trips.
Travel cards provide spending control, eliminate expense report complications, and offer security advantages over carrying physical cards during business travel.
Marketing and advertising spend
Allocate specific virtual cards for marketing campaigns, enabling precise budget tracking and ROI measurement.
Marketing-specific cards prevent overspending on advertising platforms while providing detailed transaction records for campaign performance analysis.
Miscellaneous operational expenses
Handle unexpected business expenses through flexible virtual cards that can be created instantly and customized for specific situations.
Operational expense cards maintain spending control while providing immediate payment capabilities for urgent business needs.
Factors to consider when choosing a virtual card
1. Card acceptance
The best virtual credit card in Singapore will have a wide network of acceptance. Ideally, you want a card provider that can guarantee that your cards will be accepted by a variety of merchant categories, both locally and internationally. With online payments, there are no limits to where your vendors’ physical locations can be.
2. Spend controls
Most Singapore virtual credit card providers will have built-in spend controls to help you manage your spending better.
However, you want features that are in line with your business needs. If you want to ensure that employees can only spend in a certain category, for example, go with a provider that has merchant category blocking.
3. Fees and interest rates
While virtual credit cards are great tools for managing your expenses, you have to keep in mind that more often than not they come with a cost.
Budget what you’re willing to spend on a virtual credit card in Singapore and find a provider that has low fees and interest rates.
4. Rewards and benefits
There are plenty of providers that offer a rewards program for your card usage, such as a points or cashback system. If this is important to your business, research a provider with a good rewards program.
You’ll also want to consider other benefits, like complimentary insurance or $0 fraud liability.
5. Expense management software integration
Your business may already be using expense management software or looking for one to help streamline the process. The best virtual credit card for you is one that can be directly integrated with your expense management software.
Some providers will offer cards that come with their own management platforms, which can be used to control your transactions.
6. Reporting and analytics features
Use more than just the virtual card features to further your finance management. A virtual credit card in Singapore that offers additional reporting and analytics tools along with the card itself will go a long way for you.
Consider which providers have features like automated reporting and a user-friendly dashboard for analytics.
Interesting read: How to ensure expense report compliance for your business?
7. Compliance
Any business virtual credit card provider that you’re considering must be able to guarantee that it complies with local regulations regarding credit cards.
When you contact a particular provider, ask if it meets all the necessary requirements for industry-standard certifications, licenses, and regulatory compliance. Being able to provide proof of compliance is a good sign.
8. Reviews and reputation
When you do your research on card providers, you’ll want to read some customer reviews and testimonials about them.
Even though everything they have advertised sounds great, this allows you to see what the features are in practice. It’s also important that you select a provider that has a good reputation in the industry.
Regulatory and compliance considerations in Singapore
Understanding Singapore's regulatory framework is crucial when selecting best virtual credit card providers for your business operations.
MAS licensing requirements
The Monetary Authority of Singapore requires virtual card providers to obtain appropriate licenses, ensuring consumer protection and financial stability.
Verify that your chosen provider holds valid MAS licenses and complies with local banking regulations before establishing business relationships.
Anti-Money Laundering (AML) compliance
Virtual card providers must implement robust AML procedures, including transaction monitoring and suspicious activity reporting.
Ensure your provider maintains comprehensive AML compliance programs that protect your business from regulatory violations and associated penalties.
Know Your Customer (KYC) procedures
Proper KYC documentation is mandatory for business virtual card accounts, requiring comprehensive verification of business ownership and authorized users.
Prepare necessary corporate documents and beneficial ownership information to meet KYC requirements efficiently.
Tax and GST reporting obligations
Virtual card transactions must be properly recorded for Singapore tax purposes, including GST calculations and reporting.
Ensure your virtual card platform provides detailed transaction records that support tax compliance and audit requirements.
Data privacy and security requirements
Singapore's Personal Data Protection Act (PDPA) governs how virtual card providers handle business and employee information.
Verify that providers maintain appropriate data security measures and compliance with local privacy regulations to protect sensitive business information.
Steps to apply for a virtual card in Singapore
There are several important steps that you must know about before you can use a virtual credit card in Singapore. From picking the right provider for your business to regularly monitoring your business virtual credit card usage, here is everything you need to know to ensure the process goes smoothly.
1. Assess your business needs
Before you start looking for a virtual credit card in Singapore, it’s most important that you review your existing business processes and evaluate what your needs are for a virtual card. This will help you drive your research and selection process, as you’ll know exactly what features your business needs.
Suggested read: Detailed guide on business expense management
2. Establish a clear card usage policy
To avoid card misuse, make sure that you have an established card policy. If you don’t have one yet, this is a good time to draft one up.
You want to ensure that this is ready before you start implementing virtual credit cards for your business. This should include card usage guidelines.
3. Choose a bank or service provider
Do your research on the different Singapore virtual credit card providers. These could be banks or other financial institutions.
Keep your business needs in mind and draft out a list of objectives you want to achieve by using virtual credit cards. You can narrow down your list of providers based on this.
4. Submit the required documents and application
Each provider will have a different application process. Make sure that you are aware of what the process looks like for your provider of choice.
Fill out the application and submit all the required documents. To ensure the process goes quickly and smoothly, you want all documents to be accurately submitted.
5. Wait for approval
After all your documents have been submitted, there will be a short waiting period as your virtual credit card provider reviews your application.
Depending on the provider, it could be instantaneous or take up to a few weeks. If you know you need your virtual credit cards immediately, pick a provider that can process it quickly.
6. Generate and activate the card
You can generate as many virtual credit cards as you need after you get your application approved. To generate your first virtual credit card in Singapore, you’ll have to log into your card management dashboard. All it takes is a few clicks to create the card and activate it for use.
7. Set spending limits
Don’t forget to customize the spending limits on your cards as you see fit.
Rather than having a one-size-fits-all limit, the best virtual credit card providers will allow you to give each card its individual limit.
For single-use cards, for example, you’ll want to give a limit suited for the purchase planned.
8. Integrate with an expense management system
To further streamline your expense management, make sure that you integrate your cards with an expense management system.
Often card providers will offer a backend dashboard that allows you to view, control, and manage card spending easily.
However, you can also integrate your cards with holistic expense management software to manage all expenses in one place.
9. Train employees
Before you allow an employee to start using your Singapore virtual credit card, ensure that all the staff in your organization are well-equipped with the right knowledge and training.
Host training sessions to familiarize employees with virtual credit cards, their usage, and your policies about them. It’ll help get everyone on the same page.
10. Card issuance
Make sure that you have a list of what you’ll need a business virtual credit card for. You also want to determine who your cards will be assigned to, as a cardholder will be responsible for all spending made on a particular card.
Issue your cards and give each of them a specific purpose and cardholder.
11. Monitor and review the usage
Just because virtual credit cards have been implemented in your business and employees have begun using them, it doesn’t mean you’re fully finished.
The last step in the process is to continuously monitor and regularly review card usage. This helps identify overspending and pinpoints any card misuse or fraud attempt immediately.
Tips for secure virtual credit card usage
Using a virtual credit card in Singapore is a surefire way to improve your business expense management, but there are some procedures that you want to keep in mind to make the most of your cards.
By following these tips, you can ensure that your virtual credit card usage is secure.
1. Regularly monitor transactions
Virtual credit cards are great for controlling your business expenses, but to reap their full benefits you’ll have to remember to regularly monitor your card transactions. Your cards will do most of the work for you, ensuring that all your transactions are automatically recorded.
However, it’s important that you monitor and review your records to identify any overspending, card misuse, or fraud attempts.
2. Report lost or stolen cards immediately
While you can’t easily misplace your business virtual credit card or get it stolen as it doesn’t have a physical plastic form, you still want a contingency plan in case your card is compromised.
Ensure that you have the steps drafted in your corporate card policies. An important action everyone should be aware of is to report lost cards immediately to block them.
Suggested read: How to prevent small business credit card fraud?
3. Regularly review security policies
You want to have security policies already in place before you introduce virtual credit cards to your business, but your initial policies are not the end-all and be-all.
As you continue to use a virtual credit card in Singapore, you must also continuously review your security policies. Schedule these reviews regularly and adjust your policies accordingly to ensure they are always updated.
4. Implement multi-level approval process
Your employees can use their virtual credit cards to make payments without prior transaction authorization, but there are still a few approval processes involved in using a virtual credit card in Singapore.
It’s good practice to implement a multi-level approval workflow for processes such as new card and limit update requests, as well as expense reports once transactions are completed.
5. Train employees
Before allowing employees to begin using virtual credit cards, you want to first ensure that everyone in your organization is on the same page regarding these cards.
Familiarize your employees with virtual cards by hosting training sessions. Allow your employees to ask questions and get clarification. If anyone has any issues, these should also be addressed during the training sessions.
6. Make transactions only on secure websites/applications
This tip is applicable to any transaction your business makes. It’s unwise to transact with vendors that are not reputable. Online transactions work the same way.
Make sure that you’re only making transactions on websites and applications that you know have a good reputation and can be trusted. This helps you ensure the security of your funds and card details.
7. Set spending limits
As you will likely generate more than just one business virtual credit card, the best virtual credit card providers are the ones that allow you to set individual spending limits for each card you have.
If you assign a card a specific monthly subscription, for example, you’ll be able to set a limit according to how much you’ll have to pay each month.
8. Enable OTP authentication
Get two-fold security assurance by enabling OTP authentication for your virtual credit card transactions. The way this works is that when a cardholder is about to make a payment using their card, they will be sent a one-time password that they must enter on the card payment portal. It will significantly reduce the risk of fraud and ensure that every transaction is correct.
Volopay virtual cards: #1 choice for businesses
Volopay stands out among the best virtual card providers in Singapore, offering comprehensive features designed specifically for modern business needs and operational efficiency.
The platform combines advanced technology with user-friendly interfaces, providing businesses with complete control over corporate spending while streamlining financial operations and enhancing security protocols.
Instant card issuance
Generate unlimited virtual cards within seconds directly from the Volopay dashboard, eliminating waiting periods and enabling immediate response to business payment needs.
The platform supports bulk card creation for large teams while maintaining individual spending controls and security parameters.
Customizable spending controls
Set precise spending limits, merchant restrictions, and usage parameters for each virtual card based on specific business requirements.
Advanced control features include time-based restrictions, category limitations, and geographic boundaries, ensuring complete alignment with company policies and budget allocations.
Multi-currency payments
Handle business transactions (both domestic and international) seamlessly with competitive exchange rates and transparent fee structures.
Multi-currency capabilities support global business accounts while providing detailed conversion records for accounting purposes and foreign exchange management.
Real-time transaction tracking
Monitor all virtual card activities through comprehensive dashboards providing instant visibility into spending patterns, budget utilization, and transaction details.
Real-time tracking includes automatic receipt capture, expense categorization, and approval workflows integration for streamlined expense management.
Seamless accounting integration
Connect directly with popular accounting platforms, including QuickBooks, Xero, and NetSuite, for automated transaction synchronization.
Integration capabilities eliminate manual data entry, reduce reconciliation time, and provide accurate financial reporting across all business payment channels.
Role-based approval workflows
Implement customized approval processes based on transaction amounts, merchant categories, or organizational hierarchies.
Workflow automation ensures policy compliance while maintaining operational efficiency through intelligent routing and notification systems that adapt to business structures.
Advanced security and fraud protection
Utilize machine learning algorithms and real-time monitoring to detect suspicious activities and prevent fraudulent transactions.
Advanced security features include transaction velocity monitoring, merchant verification, and automatic card suspension capabilities that protect business finances without disrupting legitimate operations.
FAQs on virtual credit cards in Singapore
Yes. Though you will be subjected to credit scoring before you get your virtual credit card in Singapore, using one for your business and regularly making your payments on time and in full will improve your company’s credit score.
Yes. Virtual credit cards are legal and a legitimate payment method used by many businesses. When you look for a card provider, ensure that they comply with all the industry standards and legal requirements for virtual cards.
Virtual cards are a good way to streamline a company’s vendor payments and subscriptions. Online transactions are quick and secure to do using virtual cards. As a bonus, companies also get real-time transaction updates automatically.
Yes, although this is ultimately subject to the provider’s approval. Alternatively, you can apply for secured virtual credit cards, which require you to put down a deposit as collateral. This deposit will also serve as your monthly credit limit.
Yes. Volopay virtual cards are accepted locally and internationally. If you have foreign vendors, you can make payments easily using your Volopay virtual cards.
For the most part, no. A virtual card is aimed at making online transactions. Some ATMs may support contactless money withdrawals, but they are considered rare.
Yes. The best virtual credit card providers will offer a card management dashboard along with your virtual cards. Set individual rules and limits for each card through this dashboard accordingly.
