Use virtual debit cards for safer online transactions

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India has seen tremendous growth in online marketplace. Online marketplace is rapidly growing, this in turn increased turnover of online payment. More and more people are moving towards online shopping mainly because of the convenience and various offers given by the online marketplaces. Government of India has also started a number of digital initiatives and encouraging people to pay various utility bills and fees online.

Although online payments are safe and banks and payment processors take all standard necessary precautions for safe transactions. Banks are coming with more and more methods of online payments but still there is a risk of fraud while doing online transactions. It is the responsibility of the person who is doing online transaction to ensure complete safety of their bank accounts and debit and credit cards.

Today in this post I will share a better and Secure method of doing online transactions which is more secure than using your regular debit or credit card for Internet banking. It is virtual debit cards of Virtual prepaid cards.

Q. What is a Virtual card?

Virtual debit card or prepaid cards are like a regular debit card with a debit card number, CVV code and date of expiry but it is not available in the physical plastic card form and is only available online from your mobile banking app or Internet banking account virtual debit cards.

Q. What are the benefits of using Virtual Debit card?

There are many benefits of virtual cards..
  1. Virtual cards are free. There is no yearly or monthly subscription cost involved.
  2. The money added to the card can be easily controlled.
  3. Virtual card can be locked or unlocked as per your need.
  4. You need not provide details of your debit or credit card to different websites and apps.

A little detail about the benefits. The virtual cards are prepaid cards. Means that you will have to add the money via your debit/credit card or net banking to the virtual card, which can then be used to do online shopping. Most of our salary account linked cards or our main credit cards have transaction limits in lacks, so if we use our primary cards online we expose whole or our bank balance or credit limit at risk, but in case of virtual cards, this risk can be easily limited to few thousand as per the need.

Locking and Unlocking: This is one of the best feature available with most virtual cards. The card can be easily locked with one or two clicks within seconds after you finish the transaction. When you need to do transaction again, the card can be unlocked again with same ease. This way when you dont need the card, the card can be locked and no transaction can be done with the card while it is locked. This improves the security of your funds.

Q. Which services provide virtual Card facility in India.

Wallets that provide Virtaul cards (The list is not exhaustive, we are including only wallets which are best and we have tested personally)
  1. Paytm - Rupay virtual card.
  2. Airtel Payment bank - Mastercard virtual card.
  3. Udio - Visa virtual card.
  4. Payzapp by HDFC bank - Visa VC.
  5. Pockets by ICICI - Visa VC.

Banks which allow virtual cards
  1. SBI
  2. HDFC

Few of the features may vary from one app to other. But virtual cards are much safer for online transactions. So start using one today.


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