Virtual Cards-For safer online shopping

While doing online shopping, our main concern is the safety about the data we share, like our credit/debit cards details. Answer to this concern is “Virtual Cards”. Today in India few Banks offer such cards in different name.

Virtual credit card is also called e-card, is mainly created for for your online purchase. So you can’t use this card for your offline purchase. Let us see it’s features.

  • Compare to your credit/debit card online shopping is safer. Because using this virtual credit card, you are not sharing your underlying credit/debit card details to merchant.
  • Card is valid only for limited period, which is usually in terms of hours.
  • Card creation is only from authorized user.
  • Card can be created from small amount like Rs.100 to Rs.50,000.
  • Customers having internet banking can easily create this card.
  • You are not sharing your Bank Acnt. No., mobile no., email address while doing purchasing with your vendors or merchant.
  • It is only used one time. It can’t be reused again.
  • You can create virtual card limit yourself.
  • Amount will be debited from your credit/debit card once the successful transaction from your virtual card.
  • You can create any number of virtual cards subject to the amount availability in your underlying account.
  • Suppose you created virtual card for Rs.5,000 and you used for Rs.2,500 then as I said above this card is only used once. So you can’t use this card once again. But the remaining amount will be credited back to your underlying card.
  • This is usually a free service. But better to check your concerned bank before creating.
  • You can’t withdraw cash from this card.

Banks offer such e-cards are SBI-Virtual Card, ICICI VCC, HDFC NetSafe,  and Kotak netc@rd.

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