Virtual Debit Card in Canada

A virtual debit card is a digital payment card that lets you spend money from an available balance without using a physical card. It includes a card number, expiry date and security code that can be used for online purchases or added to a mobile wallet.

KOHO offers a virtual prepaid Mastercard rather than a traditional debit card. You load money into your KOHO account first and then spend from your available balance without borrowing or paying interest.

KOHO Virtual Card: Best Pick (Debit Alternative)

With the KOHO Virtual Card, you can:

• Open an account and get your card instantly

• Earn 3.5% interest on your entire balance

• Earn up to 6.5% cash back on select merchants

• Lock and unlock your card instantly in the app

What Can You Use a Virtual Card For?

You can use the KOHO Virtual Card for:

• Online shopping

• Subscriptions and recurring bills

• In-app purchases

• Travel bookings

• Contactless mobile payments

It can be used online wherever Mastercard is accepted or in person after being added to a supported mobile wallet. A physical card is required for ATM withdrawals.

How Do You Add Money to a Virtual Card?

You can add money to your KOHO account through:

• Interac e-Transfer

• A linked debit card

• Direct deposit

• Cash deposits at participating locations

Once the money reaches your account, it becomes available to spend with your Virtual Card.

What Should You Look for in a Virtual Debit Card?

Before choosing a virtual payment card in Canada, compare:

• Monthly account fees

• Card-loading options

• Online and international acceptance

• Mobile wallet compatibility

• Foreign transaction fees

• In-app security controls

• ATM access

The KOHO Virtual Card may be suitable for Canadians who want immediate digital card access while spending from their own available balance.