As the name suggests, Virtual Card Singapore are debit or credit cards that are created entirely online. They're a randomly-generated 16-digit number, complete with a card verification number and expiry date. They act in the same way traditional credit cards do without the need for a physical card. Aspire provides this service as a way to protect against fraud whenever you shop without presenting your physical credit card.
Aspire, a Singapore-based startup that helps SMEs secure working capital, has raised $32.5 million in a new financing round to expand its presence in several Southeast Asian markets. That’s where Singapore-based Aspire Capital, a six-month-old organization focused on speedy SME banking, is hoping to make a difference. The company certainly has opportunities. With a cumulative population of over 600 million consumers and a rising middle class, Southeast Asia is increasingly an attractive market for businesses of all kinds, and online companies in particular.
Virtual credit card numbers can deter identity thieves from stealing your banking information but they can also make shopping online more problematic. Virtual credit card numbers are designed to keep your banking information safe when you shop online.
Once the card number expires, any additional charges that are applied against it should be denied, but that's not always the case. For example, if you set up a recurring payment with a virtual card number, it could still show up on your credit card statement regardless of when it expired.
Today, Aspire Capital covers Singapore where it has expanded beyond e-commerce merchants to cover other things of SMEs who seek loans, primarily for working capital as the CEO explains. So far, he added, it has served loans to over 100 businesses. Typically, its spread goes from as low as SG$5,000 to up to SG$100,000, that’s around $3,600-$73,500 in U.S. terms.
Aspire currently operates in Thailand, Indonesia, Singapore and Vietnam. The startup said it will use the fresh capital to scale its footprints in those markets. Additionally, Aspire is building a scalable marketplace banking infrastructure that will use third-party financial service providers to “create a unique digital banking experience for its SME customers.”
Aspire offers customers the option to use a virtual number when completing transactions online. These numbers are generated randomly and you have the option of setting a maximum charge amount and an expiration date so it can only be used for a set amount of time. That sounds pretty foolproof but if you use virtual card numbers or you're thinking of trying it out, there are some potential problems you need to be aware of. Here's why virtual credit card numbers aren't worth it.
Using a virtual card Singapore credit card number doesn't give you any additional liability protection and if the temporary number is stolen, you'll still have to go through the same dispute process to avoid paying the price for any unauthorized transactions.
Verifying transactions can be a headache. There are a couple of situations where using a virtual credit card number can be a nuisance if you need to verify your account information. If you're reserving a hotel room online, for example, you'll be asked to present your card once you show up in person.
The same goes if you're trying to rent a car. If the hotel or rental agency's policy requires you to pay with the same card that you booked your reservation with, that virtual card number suddenly becomes a stumbling block.
Aspire’s complete accounts payable process automation is entirely on Accounts Payable cycle, from invoice receipt and approval to payment execution, while integrating with your accounting or ERP system. Reducing your paper and manual process—simplifying your switch to digital.
How does it work?
- Your suppliers submit invoices directly to Complete AP
- Invoices are digitized and pre-populated with header-level data
- Complete AP routes the invoices to the correct team for approval
- Organized queues, alerts, and audit keep the approval process on track
- Once approved, you can initiate payments through a single file
- We work with your suppliers to process and follow up on payments via virtual card, ACH and check, according to the suppliers’ saved preferences
Conclusion
While virtual card Singapore credit card numbers can act as a buffer between hackers and your banking information, using them isn't always convenient. Adding Aspire credit or debit cards to any kind of payment app can shield your account numbers and you have the added benefit of being able to use these apps online or in the store.
Before we talk about the best Corporate Card for startups in Singapore, first let’s talk about what is a Corporate Card and how to manage its expenses.
Then we will talk about the best Corporate Cards.What is a Corporate Card?Every old or new company has business expenses like airfare and hotel bookings that are borne by its employees.
This prevents employees from using their own money and lets the company pay directly, thus making things easier for both of them.If used efficiently, corporate cards can prove to be a step ahead of the company’s growth.
Since companies can control their employees directly, their usage can be monitored and limited to a suitable amount.How to manage Corporate Card expenses?Using a corporate card makes life easier for the company as well as the employees.
This binds them in a contract with guidelines to follow after they obtain the corporate card.
Here comes the top-notch, all-rounder financial institution, Aspire which also has SME Banking.Their Corporate cards are specially made for Startups and Small Businesses.
This is a blog which contain all type of Banking Information like - Internet Banking, Mobile Banking , SMS Banking, Missed Call Banking, ATM Card, Debit Card, Green PIN Generation, Cheque Book, Bank Form Download, Credit Card, Bank IFSC Code, MICR Code, SWIFT Code, Bank Customer Care Number, Bank Balance Enquiry Missed Call Number, Bank account mobile number registration process, Bank account mobile number Change process and much more.
Also here you can found Finance related all tips like - Mutual Funds, Investment, Insurance, Loan, Share Market, Cryptocurrency, all type of Tax related information.
Apart from this here we will provide quality content about all type of Wallet, Payments Bank, Private Bank, Gramin Bank, Rural Bank related information.
For how you can protect yourself from frauds we will also private Security Tip related post in this platform.
We will provide quality and authorized content so this is the best place for this type of information.
Banking And Financial Smart Card Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the banking and financial smart card market include NXP Semiconductors NV, Identicard, Giesecke & Devrient (G) GmbH, Oberthur Technologies SA, Texas Instruments, Inc., Infineon Technologies AG, American Express Company, VeriFone Holdings, Inc., Atos SE and INSIDE Secure SA.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Banking And Financial Smart Card Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/banking-and-financial-smart-card-market/download-sampleMarket DynamicsThe global banking and financial smart card market is projected to thrive with increasing technology hacks and security challenges.
Growing preference for cashless payment worldwide and numerous credit card information theft cases are a factor contributing to the increased demand for smart cards.
Companies worldwide, thus, are making aggressive moves to get off the old and outdated magnetic stripe technology.
