What Is a Virtual Payment?

A virtual payment is a transaction completed digitally without using cash or inserting a physical card.

Virtual payments can be used for online shopping, subscriptions, travel bookings, and contactless purchases.

Make Virtual Payments With KOHO

KOHO members receive an instant approval virtual card that can be accessed through the KOHO app. After adding money to your account, you can use the card online wherever Mastercard is accepted.

The KOHO Virtual Card supports:

• Online and in-app purchases

• Recurring subscriptions

• Contactless mobile payments

• Apple Pay, Google Pay and Samsung Pay

• In-app card controls

• Automatic card locking

You can add the card to a supported mobile wallet and tap your phone or watch at merchants that accept contactless payments.

How Do Virtual Payments Work?

A virtual card has its own card number, expiry date and security code. You enter these details at an online checkout just as you would with a physical card.

For in-person payments, you can add the card to a mobile wallet. The wallet then securely sends the payment information when you tap your device at a contactless terminal.

Are Virtual Payments Secure?

Virtual payments can give you more control over your card because you can manage it directly through an app.

You should still:

• Shop through trusted websites

• Use strong, unique passwords

• Avoid sharing card details by email or text

• Review transactions regularly

• Lock your card when something looks unfamiliar

Is a Virtual Payment the Same as an E-Transfer?

No. A virtual card payment is processed through a card network when you buy something from a merchant.

An Interac e-Transfer moves money between supported accounts using an email address or phone number. The payment methods may both be digital, but they work differently.