Virtual Cards Pdf | All About Virtual Cards | Features | How It Works ? – Today everyone uses Credit Card and Debit Card to make online payment for any kind of online or offline shopping, these cards can be Visa Card or Mastercard or any other card, in this online transaction, the card is required. Security is very important, we are afraid that someone may steal the number of our card and misuse it, or what if the card is lost or if someone steals it, there are many such things, to remove or eliminate such problems. There is a solution to this – Virtual Credit Card (VCC).
What Is virual Cards ?
- Virtual credit cards as the term describes, are online cards.
- This means that that are not issued physically by any financial organization.
- It is a free service offered by banks to its customers who wish to make an online payment using their debit/credit cards.
- Some examples are SBI-Virtual Card, ICICI VCC, Axis Bank e-wallet card, HDFC NetSafe.
- It can be created using the Internet banking facility by providing one’s credit/debit card details.
- It does not require extra charges.
- After you have a virtual card, there is no need to type any card number, expiry date or CVV while doing transaction, thus making your purchase completely secured.
Virtual Credit Card (virtual credit card) is an electronic card (e-card) that contains details/details of credit or debit cards. Through card detail, the net banking facility of the bank can be created using it, and no fee has to be paid for it.
Some important points to know about Virtual cards:
- A Virtual Card is a one-time use online card (no physical existence) that can be used only for online transactions or payments.
- Anyone with Internet banking facility with transaction rights or a valid debit or credit card can create a Virtual Card.
- Virtual Cards are valid for a maximum of 48 hours or till the transaction is completed, whichever is earlier.
- Customer can make only one payment with the virtual card in which they can use all the credited balance or a part of it.
- The amount is debited only when the purchase is completed successfully.
- In any case if there is any balance amount left on the virtual card after its use, it will be credited back to the customer’s account.
- The virtual card facility is available to the primary cardholder only and not the secondary cardholder.
- It protects the user from card related frauds as the primary card or account details are not communicated to the merchant.
- Since virtual credit card does not have a physical existence, it cannot be cloned, making it highly secure for all transaction purposes.
How does Virtual Credit Card (VCC) work?
A virtual credit card is available only for online transactions, so physically cannot be swiped. When using it for online shopping or shopping payments, the user has to follow the steps below to complete the transaction:
- Input your card number.
- Enter required card validity.
- Verify with OTP sent to registered mobile number.
- Complete the transaction.
What is Account virtual credit card?
- A virtual credit card account is a account linked to your actual credit card that gives you a randomly generated card number.
- According to the card issuer you may be able to fix the maximum fee for the virtual number, which will protect your transaction, and you may be able to check your creation date/date.
- Card expiry date from creation date to one year/year You can fix the end date.
What are the advantages of virtual credit cards?
- Virtual Credit Card can help you avoid any kind of Scam or Fraud.
- For Making online payments with this card will protect your Credit Card number, and other data.
- Virtual credit cards can also be used at international levels outside the country.
- You don’t have to pay any fee to make this card i.e. it becomes Free of Cost.
- This card comes with a certain transaction limit, thereby increasing its security.
- Any cardholder can apply online for VCC, and sometimes block online immediately if there is a security hazard.
Features : Some Features Of SBI Bank Virtual Card
The key features of Virtual Card are as follows:
- It reduces the risk of exposing the underlying Credit/Debit limit as the Primary Card / Account details are not communicated to the Merchant.
- Card is valid up to a maximum of 48 hours or till the transaction is complete, whichever is earlier.
- Card creation and online transaction are authorised only after successful validation of One Time Password (OTP) sent to your Mobile during the process.
- It enables Bank customers to pay from any of their Internet Banking enabled accounts, having transaction rights.
- Card can be created for any amount in round rupees. Card can be used at any online merchant site that accepts Debit/Credit Cards.
Easy to Use
- No separate setup/ installation or registration is required, any customer having internet banking facility with transaction rights can create Virtual Card.
- No loss of interest as the Card is generated by marking a lien on the underlying account and the amount is debited only when actual transaction using the Virtual Card is completed, successfully.
- Card Type : Visa (May be extended to MasterCard Platform)
- Currency of Issue : Indian Rupee only.
- Minimum amount of Issue : Rs. 100/-
- Maximum amount of Issue : Rs. 50,000/-
- Frequency of usage (Single / Multi) : Single-transaction Card
- Card Acceptability : At any merchant outlet that has facility for Online purchase.
- Domestic / International : Domestic use only. (Valid for payment in INR in India, Nepal & Bhutan)
- Card Validity : As soon as the transaction is completed. Or If the card is cancelled. Or Card is not used for 48 hours after creation. (Whichever is earlier)
- No of cards per customer per day : No limit
- Issuance / Maintenance Fee : NIL
- Refund / Cancellation. : Once card is cancelled or expired, the lien marked shall be lifted and the unspent / unutilised amount will automatically be available to the customer for use.