Do you prefer not to do online shopping due to online security concerns that your Credit Card details might be exposed and misused? Next time you dont have to bother about this with the presence of The Virtual card offering involves generation of a virtual card number that you set up using your existing physical credit card or debit card. You can then use this virtual card number to shop online at any merchant website.
What are the unique features of Virtual Cards?
- The actual credit/debit card number is never used in the online transactions. Therefore, there is no risk of the actual card number getting exposed during the online transaction or on the merchant website.
- The Virtual Card will be valid for certain stipulated time which may vary from bank to bank.
- The Virtual Card can be used at any online merchant site that accepts Mastercard / Visa Cards, thereby providing secure online payment.
- After the end of the validity period of the Virtual Card, such unutilised amount will be credited back to your Credit/Debit Card account.
- Your Virtual Card is created online in real time with 16 digit number, expiry date and CVV no. for an amount decided by you and valid for certain hours.
- The Virtual Card is an online, single transaction card. Therefore it cannot be used more than once, nor can it be used on a swiping machine. If at all you need to do 2 or more transactions then a new Virtual card needs to be generated which would have every detail different from earlier generated net card.
- On use of the Card the card expires, and can never be used again.
- You will be the first and the only person to use the card.
- As a matter of practice, you should create the card before the intended purchase, and use immediately at your chosen Merchant site.
- You can shop seamlessly even if you don't have a Credit card. Many merchants don't accept debit card, however Virtual card works exactly like Credit card.
Can I use the Virtual Card at all websites?
You can use your NetSafe Card at all the websites, which accept Visa / Mastercard cards as payment options.
Disadvantages of Virtual card
- You cant use Virtual card where you will be required to present your actual plastic card to receive your purchase, e.g. for purchase of some airline and movie tickets where they insist for Plastic card at arrival - check each merchant's policy carefully before you purchase!
- Card cannot be used for recurring or installment payments.
Which All Banks offer this facility?
There are many banks which offer this facility. To name a few HDFC Bank, Kotak Mahindra Bank, Citibank offers this service
What are the Charges for this Card?
Most banks provide the use of a virtual card presently for free however you should check this with your bank before generating one for yourself. You only need to be registered with online banking, and you can generate several virtual cards in a day.
