In India popularity of credit/debit cards and instant Virtual Credit Card increase day by day, because a lot of E-commerce websites having internet exposure which trusted by millions of Indian customers and Worldwide users.
What is instant virtual Credit card (VCC)?
Virtual Credit Card is a prepaid card issued on person’s primary (debit/credit) card, which specially made for online transactions with comprehensive cybersecurity. Which is not having any plastic or physical form of carrying, there is no risk of damage, loss or theft.
Essentially, Virtual Credit Card is:
- To be generated for secure online transactions
- Only for online purchases
- No fee involvements
- Credited with specific amount
- Valid for particular time duration then it’ll be expired automatically
- And this is one time used card
The basic concept of instant Virtual Credit Card:
Majority of people using Credit/Debit cards for making online transactions, at the time of making payment through payment gateway or Merchants. We are exposing card details like a PIN, CVV, Card number and Expiry date, etc.This process is not safe for users who are having debit/credit cards.
Using Virtual Credit Card, we can make payments without showing the confidential data you can make payments through online.Virtual Credit Card is having a single user and limited time duration; there is no chance to misuse.
How it works and How to use it properly?
Creating a Virtual Credit Card is very easy.In India, some of the banks and nonbanking corporations provide Virtual Credit Card against the primary debit/credit card users.Something you want to buy from online. Creating VCC is must, and it’s simple so want to how to create read carefully
- First, select the product whatever you want to buy from online and make it appropriate payment option.
- Create instant Virtual Credit Card through net banking or any other banking process.
- After creating the VCC, you can decide payment and select the already registered debit/credit card from which you want to transfer money from your VCC.
- Complete the process by following steps
- VCC created with limited time and amount.It’ll be flash on the web page with the card number, CVV code, and Expiry date.
- Enter those details and make payment.
Another essential thing validity of VCC is 24hrs to 48hrs even If not used.Within the duration, if you are not using the money in VCC it’ll be credited to the primary debit/credit card.
E-wallets and Non-Banks provide Virtual Credit Cards:
Entropay offers a comfortable and convenient online payment solution through the Virtual visa prepaid card, lets you pay even online or mobile also.there is no monthly or annual charges for using VCC.It’ll be charged 4.95% on each amount you transferred into the Entropy Virtual Visa card.Verify your credentials with register your Entropy account.
Oxygen wallet approved by RBI and provides the first non-banking purse.That follows it, users, to create VCC apart from instant money transfer facility. Oxygen wallet launches in January 2016 to enable users to make transactions without exposing card details.
Payoneer is an online money transfer and E-commerce payment service provider in India.it is using globally and very good alternative for PayPal and other wallet providers in India. This Payoneer wallet service is only for selected mass payout companies. Who paying at least $10,000 per month?
FreeCharge ‘Go Master Card’:
The partnership of Yes bank and Master card, FreeCharge launches “Go Master Card” in January 2016. Freecharge is a popular recharge platform and mobile wallet company.
ICICI – Pocket Wallet:
Launched by ICICI in February 2015, which used for multiple financial services.Even without having an account in ICICI bank.Non-ICICI bank holders download the pocket mobile banking app from play store or iOS app store for registration.For ICICI account holders you can go through the regular registration process.
The pocket wallet comes with Virtual Visa prepaid card which shows on the dashboard.You can use this app for online payment and E-commerce shopping.
Axis Bank-Lime wallet:
Launches in Sep 2015, for both account and non-account holders of Axis bank.The app allows you to create a prepaid card, which used for online shopping.
Also read: How to use paytm without internet?
Free Virtual Credit Card Provided by Banks:
In India currently, four banks provides Virtual Credit cards for their customers for free, they are
- State Bank of India- SBI Virtual Card
- Axis Bank-Axis e-shop card
- HDFC Bank- Hdfc Netsafe Card
- Kotak Mahindra- Kotak Netc@rd.
Thanks for reading.