{"id":1258,"date":"2016-05-08T00:57:58","date_gmt":"2016-05-07T19:27:58","guid":{"rendered":"http:\/\/easybankingtips.com\/?p=1258"},"modified":"2016-05-15T20:06:47","modified_gmt":"2016-05-15T14:36:47","slug":"virtual-credit-card-india","status":"publish","type":"post","link":"https:\/\/easybankingtips.com\/virtual-credit-card-india\/","title":{"rendered":"What is Virtual Credit Card: How to Create a Virtual Credit Card (VCC) in India"},"content":{"rendered":"
No matter how careful we are with credit cards and debit cards, we are still vulnerable to cyber frauds. The risk of falling to the prey of scammers is just there. Is it because we shouldn’t make payment to a person we can\u2019t see? Or is it because there are security loop holes in the websites?<\/p>\n
<\/p>\n
Reasons must be many. But one of the strongest reasons is the way\u00a0we expose card details whenever we transact online. The same cards which either carries our income or saved money or carries an unsecured loan we\u2019re liable to pay.<\/p>\n
So how about using a card, which doesn\u2019t expose the actual details; will that be safe? Yes, these are called\u00a0Virtual Credit Cards which not only minimize the susceptibility to financial frauds but also offer a much safer way of carrying out online transaction to\u00a0credit card and debit card holders.<\/p>\n
This article is all about Virtual Credit Cards or simply Virtual Cards. Apart from discussing the meaning, features and benefits of VCC it explains\u00a0how to create a free Virtual Credit Card for your online transactions.<\/p>\n
Virtual Credit Card or VCC is a prepaid card issued on user\u2019s primary card (whether credit or debit card), which is exclusively made for online transaction with complete online security. As the name suggests, VCC doesn\u2019t have any plastic or physical existence, hence there\u2019s no risk of theft, damage, or loss.<\/p>\n
Essentially, a Virtual Credit Card is,<\/p>\n
Every time we use a credit card or debit card for online transaction, we expose the card details to the payment gateway or online merchant by providing our PIN, CVV, card number, expiry date etc.<\/p>\n
But, no matter how strict the payment mechanism is, sharing such sensitive information with a vast space like internet is always risky.<\/p>\n
With Virtual Credit cards, you can confidently make online payments without exposing your primary card details. And since these are valid for single use and certain duration, the chance of misuse is reduced to zero.<\/p>\n
Creating a Virtual Credit Card is all so simple. In India, there are certain banks and non-bank entities who offer Virtual Credit cards against the primary debit card or credit card of the users. You need to create virtual credit card online sometime around you start buying from websites.<\/p>\n
A Virtual Credit Card is created in real time and it automatically expires within 24 to 48 hours even if it\u2019s not used. If the money in the Virtual Credit Card is not fully utilized, it will be credited to the main card within a period of time as specified in the T&C.<\/p>\n
In case the merchant has to refund the amount, it will be credited to the source account or primary card as well.<\/p>\n
Enhanced Security<\/strong><\/p>\n The biggest and the foremost advantage of using Virtual Credit Cards (VCC) for online transaction\u00a0is the security it offers to your primary cards. With VCC you don\u2019t have to expose your real card details; hence the risk of fraud is much less.<\/p>\n Free of Cost<\/strong><\/p>\n There is no additional charge on creating Virtual Credit Cards by banks. You just need to log in to the net banking and generate it.<\/p>\n Enabled for International Payment<\/strong><\/p>\n Most of the Virtual Cards\u00a0can be used at international merchant websites. However, you still need to confirm this with the bank whose credit card or debit card you are using.\u00a0With regards to international payments, VCC is much safer due to its limited balance and validity.<\/p>\n No Fear of Theft or Loss<\/strong><\/p>\n Virtual Credit Cards don\u2019t have a physical presence. So you don\u2019t have to worry about it being stolen.<\/p>\n Moving forward, we will discuss the Virtual Card facilities provided banks in India including their individual process of generation.<\/p>\n Currently in India, there are five banks who are offering Virtual Cards to their customers for free. They are,<\/p>\n State Bank of India- SBI Virtual Card<\/p>\n Kotak Mahindra- Kotak Netc@rd<\/p>\n HDFC Bank- HDFC NetSafe Card<\/p>\n Axis Bank- Axis eShop Card<\/p>\n To use these Virtual Credit Cards, you need their bank account, net banking facility and credit card or debit card.<\/p>\n Again, banks have their own terms and condition. So you have to find out the type of card that has this functionality. For example, currently the VCC offered by Axis bank is only available for their VISA credit card variants and it can be used at merchant websites that accept VISA card.<\/p>\n Besides, if you have a VISA card, you can create a VISA Virtual card and if it\u2019s a MasterCard, the VCC will be a Maestro Virtual Card. When it’s created with your debit card, you call it Virtual Debit Card and when created with credit card, it’s Virtual Credit Card. But, what ever it is, these are widely known as Virtual Credit Card or Virtual Card.<\/p>\n As far as international payment is concerned,\u00a0most of the VCC\u2019s are enabled for this except for\u00a0SBI virtual card. State Bank Virtual Card is only valid for domestic transaction.<\/p>\n <\/p>\n SBI launched its virtual card in April 2012 which can be used at all online merchants in India that accept VISA\/MasterCard Debit card as a payment option. This card is only for domestic online transaction. You cannot use it for international payments.<\/p>\n Validity<\/strong>: 48 hours max<\/p>\n Minimum balance and Maximum Balance<\/strong>: Rs.100 \u2013 Rs.50,000<\/p>\n Issuance Fee<\/strong>– Nil<\/p>\n Recommended<\/strong>: State Bank Virtual Card FAQs<\/a> and Card Generation<\/a> Process with Images<\/p>\n <\/p>\n Kotak Netc@rd, the Virtual Debit Card by Kotak Mahindra bank can be created through debiting your savings or current account. You can use it\u00a0at any\u00a0merchant website that accepts VISA cards as a payment option. It can be used for international payment as well.<\/p>\n Validity<\/strong>: within 24 to 48 hours<\/p>\n Minimum balance and Maximum Balance<\/strong>: Rs.100 \u2013 Rs.10,000<\/p>\n Issuance Fee<\/strong>– Nil<\/p>\n Recommended<\/strong>: Kotak Mahindra Bank Netc@rd FAQs<\/a> <\/p>\n Launched in January 2008, HDFC NetSafe Card is yet another Virutal Card available\u00a0for\u00a0Indian users. You can create your HDFC NetSafe Card using your credit card or debit card and use it at any website that accepts VISA\/MasterCard as payment option.<\/p>\n With debit cards, you can create up to 5 Virtual Debit cards daily subject to your Point of Sale limit per day and availability of balance in savings or current account. Read more<\/a>.<\/p>\n Validity<\/strong>: 48 hours max<\/p>\n Maximum Balance<\/strong><\/p>\n Issuance Fee<\/strong>– Nil<\/p>\n NetSafe Card FAQs<\/a><\/p>\n <\/p>\n Axis Bank eShop Card is a VISA Virtual Credit card which can be used at any online merchant that accepts VISA cards as payment option. You can create your eShop Card with your Axis bank VISA Credit card only. You cannot use MasterCard Variants issued by the bank as of now.<\/p>\n Validity<\/strong>: 48 hours max<\/p>\n Maximum Balance<\/strong>: up to your credit card limit<\/p>\n Issuance Fee<\/strong>– Nil<\/p>\n First of all, you have to register for NetSafe Card with your credit card details. For this, go to the Axis bank website, click on \u201cregister now\u201d under eShop option. After you complete the required steps, it will generate the eShop login id and password.<\/p>\n Recommended<\/strong>: Axis Bank eShop Card FAQs.<\/a><\/p>\n So, this is all about the VCCs\u00a0provided by banks in India, where\u00a0you are supposed to have an account as well as debit card or credit card of the respective banks in order to generate the virtual card. As far as international payment is concerned, none of the websites mentions it. It is\u00a0Kotak Netc@rd alone, that offers some hints regarding payment in\u00a0foreign currency.<\/p>\n However, there are other virtual card providers in India, who allow\u00a0any debit card or credit card users and account holders\u00a0to get their registration\u00a0and generate a Virtual Credit Card.\u00a0These service\u00a0providers are basically e Wallet apps and non-bank websites. Some e Wallets are associated with banks whereas others are independent yet popular and trusted. Here we have some of the most popular apps\/eWallets and wesbites that offer virtual cards.<\/p>\n Popular online recharge platform and mobile wallet, FreeCharge launched its Virtual card \u2018Go MasterCard\u2019 in partnership with Yes Bank and MasterCard in January 2016.<\/p>\n To generate Go MasterCard, login to your FreeCharge account<\/a> through the website or mobile app. Click on ‘FreeCharge Go’ from the left and generate your mPIN. After entering the mPIN, you can have all the details of ‘FreeCharge Go MasterCard’ which you can use for online payments anywhere in India. You can top up the card by adding money to your FreeCharge Wallet from your stored bank account or cards. FAQs<\/a><\/p>\n Pockets mobile app<\/a> is a digital wallet launched by ICICI in February 2015 which can be used for a multitude of financial services even by those who don\u2019t have account with ICICI bank. The non-ICICI bank account holders can download the app from Google Play Store or iOS App Store and register themselves. Whereas ICICI account holders can use the same user credential of their net banking to complete the registration.<\/p>\n The Pockets wallet comes with a Virtual Prepaid VISA Card which shows on the dashboard. You can use the Virtual VISA card for online shopping in any ecommerce website in India. However, you can request a physical prepaid card to use with the Pockets wallet.<\/p>\n Learn More<\/a>.<\/p>\n The Lime Wallet app by Axis bank<\/a> was launched in September 2015 for both account and non-account holders. The app allows you to create a prepaid card, which you can use for online shopping. The balance in the Lime wallet is the\u00a0amount available in the prepaid card for online transaction. However, the bank is planning to offer physical cards for the users. But currently this is not live. FAQs<\/p>\n Entropay<\/a> offers an easy and convenient solution to your online payment through Virtual VISA prepaid card, which lets you pay online or over the phone. It has no monthly or annual charges. However, Entropay charges 4.95% on each amount transferred into the Entropay Virtual VISA card. Register for Entropay account and verify your credentials. Once you are registered, you can transfer funds to your Entropay Virtual VISA card from your personal credit card or debit card. FAQs<\/a><\/p>\n Payoneer<\/a> is an online money transfer and eCommerce payment service provider that operates globally. Although this is a very good alternative to PayPal in India, the virtual card service is not available for all the users. Only the select Payoneer Mass Payout companies who payout at least $10,000 to its beneficiaries each month can avail the Virtual MasterCard facility of the company. Read the FAQs<\/a>.<\/p>\nFree Virtual Credit Card Provided by Banks<\/h2>\n
State Bank of India- SBI Virtual Card<\/span><\/h2>\n
How to Create\u00a0and Use State Bank Virtual Card?<\/h2>\n
\n
Kotak Mahindra Bank- Kotak Netc@rd<\/span><\/h2>\n
How to Create\u00a0and Use Kotak Netc@rd?<\/h2>\n
\n
\n<\/p>\nHDFC Bank- HDFC NetSafe Card<\/span><\/h2>\n
\n
How to Create and Use HDFC NetSafe Card?<\/h2>\n
\n
\n
Axis Bank- Axis eShop Card<\/span><\/h2>\n
How to Create\u00a0and Use Axis eShop\u00a0Card?<\/h2>\n
\n
Virtual Cards Provided by E Wallets and Non-Banks<\/h2>\n
1.FreeCharge Go MasterCard<\/h2>\n
2.Pocket Wallet by ICICI<\/h2>\n
3.Lime Wallet by Axis Bank<\/h2>\n
4.Entropay<\/h2>\n
5.Payoneer<\/h2>\n
6.Oxigen Wallet<\/h2>\n