Yes, if your carrier supports it then you can convert your physical SIM card into an eSIM on your iPhone. 
Go to Settings > Cellular > Convert to eSIM (if this option isn't available, your carrier does not support it).
Tap Convert Cellular Plan, and then Convert to eSIM. You may have to wait a little for your eSIM to activate; once it has activated, remove the physical SIM card and restart your iPhone.
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