Virtual Credit /Debit Cards in India & Benefits from the Use of Virtual Card

Virtual card is an online card and it does not exist physically. It may be a credit or debit virtual card. It is issued by the bank to provide secure e-commerce transaction to their customers. Virtual cards are online cards which contain 16 digit card number, CVV Number and the expiry date. Virtual cards could only be used online and its validity ends after the transaction or when you cancelled it without its use or within 24 to 48 hours of its creation.

Virtual credit and debit cards are issued on the basic of your primary plastic cards. All the transaction made through your virtual card is also shown in your bank account statement. Customer can make only one transaction through the use of one virtual card.

You have to decide the limit on the card at the time of its creation

  • In the case of virtual credit card the balance left on the card is credited back to the customer’s account.
  • In the case of virtual debit card, the amount topped up into this card is debited from the customer’s account and if lower amount is used as compared to the card value then the left balance is released to your bank account after the use of the card.

Benefits from the Use of Virtual Card

  • It is secure as your account details & Credit /Debit limit of the primary card are not shared with the merchant.
  • Card is cancelled automatically within 24 to 48 hours of its creation.
  • This facility is available to all customers free of cost.
  • Any customer having a primary Credit/Debit Card and internet banking facility can create this virtual card.
  • You can block your virtual card when you want.
  • Customer can create any number of virtual cards subject to balance in his/her account.