How can you create a virtual card?As stated, you can create a virtual card by your bank’s net banking facility and providing your physical card’s details. Note that every virtual credit card has its own card number, CVV and validity details. Once you’ve created a virtual card, the same can be used to conduct online transactions just like a regular card.
However, note that you can use a virtual card only once and its validity is for a limited period. It means if you fail to use your virtual card within a specific time, it gets lapsed. The card also becomes invalid after you have conducted one transaction. If you need to carry out any other transaction, you need to generate a new card.
Benefits of a virtual card
1. Secure online transactionThis is one of the significant benefits of a virtual card. It brings down the risk of exposing the underlying details of your physical card (credit and debit). This, in turn, reduces chances of falling prey to online frauds.
2. Can be used anywhereIt is not always possible to carry your physical card everywhere. However, with a virtual card, you can bank from anywhere, when needed. As it is widely accepted across merchant points, sales and services, you can use them anywhere, anytime, when needed.
3. Easy to useA virtual card is pretty easy to use. All you need to do is to log into your net banking account and create a card by providing your existing card details. At the same time, you don’t need to pay charges for it. You can use this card to pay for utilities, shop online and book flight tickets, among others.
4. Helps pay the exact amountWith a virtual card, you don’t need to worry about loose change. This card helps you to pay the exact amount. Also, in some cases, you can win cash-back or reward points after carrying out a transaction with a virtual card. These reward points can be redeemed to gain discounts on future purchases.
With thrust on a cashless economy, a virtual card can not only help you secure your transaction but also enables you to save on transactions. Also, with this card, you can transact beyond banking hours for a rewarding experience.
Learn more about Mutual Funds for a good personal financial management.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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