Payoneer Virtual Card vs Physical Card [Comparison]

By Neil Harris 15 Min Read

The Payoneer card comes in two forms: physical and virtual. And I quite admire creating mobile payment comparisons as I get to explore such apps much better. This post is a tussle between Payoneer virtual card vs physical card.

With this card, you can link it to your Payoneer account balances in USD, EUR, GBP, or CAD.

So, if you shop online, the virtual card is your go-to. For in-store purchases or ATM withdrawals, the physical card works just like any other Mastercard.

Moreover, if you have digital wallets, you can use the virtual card there too, as long as it supports Mastercard network.

The comparison of Payoneer virtual card vs physical card is not really a tight contest. That’s because the primary difference is that Payoneer virtual debit is one without physical card while the physical debit card is one with physical card. You will get to know more in a bit.

[box title=”Key Takeaways” style=”default” box_color=”#333333″ title_color=”#FFFFFF” radius=”3″]
  • Payoneer offers both a real (physical) card and an online-only (virtual) card.
  • The physical card is good for shopping in stores and ATM withdrawals, while the virtual card is best for online shopping.
  • Both cards can be linked to money in your Payoneer account, usually in USD, EUR, GBP, or CAD.
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Is Payoneer Virtual Debit Card the same as a Physical Debit Card?

A Payoneer card can be either a physical or virtual card. Also, you can link both to the USD, EUR, GBP, or CAD balances in your Payoneer account.

  1. Usage
    • Virtual Card – Primarily used for online purchases. It can also be stored in digital wallets and used where supported.
    • Physical Card – Can be used for both online and offline purchases, including in stores and ATMs anywhere Mastercard® is accepted.
  2. Form
    • Virtual Card – As the name suggests, it’s a digital-only card. You’ll receive all the card details to use it online, but there’s no tangible version of it.
    • Physical Card – It’s a tangible card that you can physically hold, swipe, or insert into machines.
  3. Currency
    • Both the virtual and physical cards work with the USD, EUR, GBP, or CAD balances in your Payoneer account.

What is a Payoneer Virtual Card?

The Payoneer virtual card is a digital version of the traditional Payoneer card. It’s designed to be associated with the USD, EUR, GBP, or CAD balances in your Payoneer account.

While you can use the physical card for in-store purchases and ATM withdrawals, the virtual card is primarily for online transactions. Also, these virtual cards can be stored in digital wallets and used wherever supported.

All in all, the Payoneer virtual card offers a convenient way to access and spend your Payoneer account balances online, wherever Mastercard is accepted.

What is a Payoneer Physical Card?

The Payoneer physical card is a tangible card that is linked to the balances in your Payoneer account, specifically in currencies such as USD, EUR, GBP, or CAD.

This physical card allows you to make purchases in physical stores and withdraw money from ATMs wherever Mastercard® is accepted.

It offers a convenient way to access and spend the funds in your Payoneer account without the need to transfer them to a bank account.

The physical card also serves as an alternative to the virtual card, which is designed primarily for online purchases. The virtual card can also be stored in digital wallets and used where supported.

Payoneer Virtual Card vs Physical Card

Payoneer Virtual Card vs Physical Card

The Payoneer card can be either a physical or virtual card. Both types of cards are associated with the USD, EUR, GBP, or CAD balances in your Payoneer account. Let’s quickly go through their similarities and differences:

Similarities

  1. Both cards are linked to your Payoneer account balances in USD, EUR, GBP, or CAD.
  2. Both can be used wherever Mastercard is accepted.

Differences

  1. The virtual card is primarily designed for online purchases. It can also be stored in digital wallets and used where supported.
  2. The physical card can be used not only for online transactions but also in physical stores and ATMs.

This means that the virtual card is digital and best suited for online transactions. On the other hand, the physical Payoneer card can be used both online and offline.

This post is a partial review of Payoneer virtual card vs physical card comparison. Therefore, we will look at how both cards compare in terms of their pros and cons.

Pros of Payoneer Virtual Card

It wouldn’t be a great “versus”, I mean Payoneer virtual card vs physical card if we don’t start by identifying the upsides of using the virtual card.

  1. Versatility in Currency
    • Can be linked with multiple currency balances in your Payoneer account, including USD, EUR, GBP, and CAD.
    • Flexibility in managing and spending funds in different currencies.
  2. Online Purchases
    • The virtual card is specifically designed for online transactions.
    • Whether shopping on e-commerce platforms, subscribing to online services, or making any other online payments, the Payoneer virtual card has got you covered.
  3. Integration with Digital Wallets
    • Can be stored in digital wallets, enhancing its usability.
    • Can use the virtual card in scenarios where digital wallets are supported.
  4. Immediate Access to Payoneer Balances
    • Payoneer virtual card offers direct link to your Payoneer account balances.
    • Eliminates the need for intermediate steps or transfers, allowing hassle-free transactions.
  5. Global Acceptance
    • The virtual card is accepted anywhere Mastercard is recognized.
    • You can make purchases or transactions on a vast majority of platforms and services worldwide.
  6. Security
    • Virtual cards, by their nature, offer an added layer of security.
    • There’s no physical card to lose or get stolen.
    • If the card details are ever compromised, you can quickly deactivate the virtual card without a replacement.
  7. Cost-Effective
    • Payoneer virtual card comes with fewer fees.
    • Results in savings, especially for businesses or individuals who transact frequently online.

Cons of Payoneer Virtual Card

  1. Limited Use
    • Payoneer virtual card is primarily designed for online transactions.
    • You can’t use it for in-person transactions where a physical card is required.
  2. Currency Restrictions
    • The virtual card can be only associated with specific currencies like USD, EUR, GBP, or CAD.
    • If you have funds in other currencies, you might face limitations or need to undergo conversion processes.
  3. Security Concerns
    • Virtual cards are only touted as more secure due to their digital nature.
    • They are still susceptible to online fraud and phishing attacks.
  4. Expiration and Renewal
    • Payoneer virtual card often has a shorter lifespan compared to physical cards.
    • You might need to renew or get a new virtual card more frequently.
  5. Dependency on Digital Platforms
    • You might encounter an issue with the card on Payoneer.
    • You might face difficulties accessing or using your card.
  6. Fees
    • Like many financial products, there are associated fees with the Payoneer Virtual Card.
    • It could be maintenance, transactions, or other services. The fees are shown in your Payoneer app.
  7. Acceptance
    • Not all online merchants accept virtual cards.
    • You are limited to where you can use Payoneer virtual card.

Pros of Payoneer Physical Card

For the previous section of this comparison between Payoneer virtual card vs physical card, we looked at the virtual card. Now, let’s assess the functionalities of the physical card and its downsides.

  1. Universal Acceptance
    • A payoneer physical card is accepted wherever Mastercard is recognized.
    • This, you can use it globally, in numerous stores and ATMs, without worrying about compatibility.
  2. Direct Access to Multiple Currencies
    • The card can be associated with various balances in your Payoneer account, including USD, EUR, GBP, and CAD.
    • Provides flexibility in managing and spending funds in different currencies.
  3. Immediate Spending
    • No need to go through the process of transferring money from your Payoneer account to a bank account, the physical card allows you to directly spend from your Payoneer balance.
    • Saves time and streamlines your financial transactions.
  4. Physical and Tangible
    • While the virtual card is great for online purchases, the physical card offers the tactile advantage of being used in brick-and-mortar stores.
    • For many, having a tangible card provides a sense of security and familiarity.
  5. Integration with Digital Wallets
    • Although this is more of a feature of the virtual card, virtual cards can be stored in digital wallets and used where supported.
    • Offers another layer of convenience and modern payment options.
  6. Simplified Financial Management
    • With the Payoneer physical card, you have a consolidated view of your funds and transactions.
    • It becomes easier to track expenses, manage budgets, and oversee your financial health.

Cons of Payoneer Physical Card

  1. Physical Wear and Tear
    • Unlike virtual cards, physical cards can get damaged, lost, or stolen.
    • You might have to go through the process of reporting and replacing the card.
  2. Limited to Physical Transactions
    •  While the physical card can be used in stores and ATMs, it cannot be directly used for online transactions without the card details.
    • A virtual card, on the other hand, is designed primarily for online use.
  3. Foreign Transaction Fees
    • Depending on where you use the card, you might incur foreign transaction fees, especially if you’re spending in a currency different from the one linked to your card.
  4. ATM Withdrawal Fees
    • Withdrawing money from ATMs might come with fees, especially if you’re using an ATM outside of Payoneer’s preferred network.
  5. Card Replacement Fees
    • If you lose your card or need a replacement for any reason.
    • There might be associated fees.
  6. Limited to Linked Currencies
    • The physical card is associated with specific currencies (USD, EUR, GBP, or CAD).
    • If you have balances in other currencies, you might not be able to access them directly with the card.
  7. Security Concerns
    • Physical Payoneer cards can be skimmed or cloned, leading to potentially unauthorized transactions.
    • While there are security measures in place, the risk is still present.
  8. Expiration
    • Physical cards come with an expiration date.
    • Once the card expires, you’ll need to get a replacement, which might come with its own set of challenges or fees.

What is the Difference Between Physical and Virtual Payoneer Card?

While both cards support the USD, EUR, GBP, or CAD balances in your Payoneer account, there are primary differences between the two.

Physical Payoneer Card

  • A tangible card that you can physically hold.
  • Can be used for in-store purchases.
  • Allows you to withdraw cash from ATMs.
  • Accepted anywhere Mastercard is recognized.

Virtual Payoneer Card

  • A digital card, meaning there’s no physical version of it.
  • Primarily used for online purchases.
  • Can be stored in digital wallets and used where supported.

Can I Have a Virtual and Physical Payoneer Card?

According to Payoneer, a Payoneer card can be either a physical or virtual card. You can link this card to the USD, EUR, GBP, or CAD balances in your Payoneer account. Therefore, you can have a virtual and physical Payoneer card.

If you opt for the virtual card, it’s best for online purchases. On the other hand, the physical card works both in physical stores and ATMs wherever Mastercard is accepted.

***Note!

Payoneer receiving accounts are designed to have “one card per currency”. So, if you already have a USD physical Payoneer card, you won’t be able to request a virtual one in the same currency.

However, you can use the Payoneer “Manage Currency” service to convert USD to EUR and use the virtual card with a different currency. However, if your billing country’s currency is euro, you won’t be eligible for this conversion.

Conclusion—Payoneer Virtual Card vs Physical Card—Which is Better?

You can get a physical Payoneer card or just online (virtual). This card is linked to money in your Payoneer account, usually in USD, EUR, GBP, or CAD.

You can use the real card at ATMs, shops, or online where they take Mastercard. The online card is for buying stuff on the internet or making phone payments.

Ultimately, the decision is yours to make depending on the nature of your daily transactions.

Read also13 Untraceable Money Transfer Apps

Resources

  • Physical or virtual? The choice is yours. Payoneer
  • Which card type should I choose? Payoneer
  • Account with Card – FAQ. Payoneer
  • How Do I Use the Card? Payoneer

Read also: Best Free Virtual Credit Card No Deposit

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Seasoned, hands-on exec with a broad range of experience at both start-ups and large international corporations. Highly successful, results and customer oriented professional and with over 18 years experience in the software and payment innovations arena, with a proven track record in driving revenue growth and delivering results in operational performance and profitability through direct and indirect channels. Key focus is on customer success and delivering value and efficiency gains through tech. I live & breathe innovation in the payments arena - Visa & Mastercard card processing, UK Bacs, Faster Payments, Direct Debits, card acquiring & global payments are my junk food
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