8/8/2023 0 Comments Virtual credit cardMust read: How Credit Cards Work in IndiaĪ virtual credit card is available in two ways- either directly from the bank’s side if the customer has a credit card issued by one of the banks that provides this facility or by linking a pre-existing card from another bank to an online service. Usually comes with annual charges, but can be levied after certain conditions Provides fraud protection as all the relevant details are saved onlineĭoes not provide fraud protection and is more prone to card information theftĬomes in a digital form and is valid only for a limited periodĬomes in a physical form and is valid for a few years Spending limit settings are available only for selected issuersĬard can be used on multi-channels, including mobile apps, phone or websiteĬard can be used in-person, selected functions can be done online Here are some of the differences which you should know about before applying for a virtual credit card: Virtual Credit CardĪccount numbers are generated only for a single-use which ensures securityįixed account numbers from the time of account opening Before opting for a virtual credit card one should know about all the terms related to it and how it differs from a physical credit card. However, the virtual credit card is more secure as it comes with a 16-digit number which is specifically designed for a single use. You can do everything online, from adding money to making transactions in a few taps. Suggested read: Different Types of Credit Cards in IndiaĪ virtual credit card allows you to perform all the functions that a physical credit card does. In any case, if you want to cancel the card, you can do it effortlessly and easily through your smartphone. Hence, the hassle of carrying the physical card is completely out of the way.Įasy Cancellation: Virtual credit card provides a facility of easy cancellation to its users. The card can be created for any amount and be used at any online merchant site accepting credit cards, which makes it much more flexible than physical credit cards.Ĭonvenience: Virtual credit card has no physical form and all the important details, including CVV, card number, expiration date and more are available online which you easily access through a mobile phone. The added benefit of limited use adds to its security.įlexibility: You can make payments through a virtual credit card using your existing internet banking-enabled account. As these cards can only be used online, so the chances of theft or fraud become minimal. Most virtual credit cards come with a one-time usage option and are valid for a specific period of time. Improved Security: Virtual credit cards provide much more security than physical credit cards. Some of the important features and benefits of virtual credit cards are as follows: Unlike physical credit cards, virtual credit cards offer numerous benefits for safer and convenient transactions.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |