With technological progression, more and more ways of online payments have been brought in. At the same time, cyber-crime and fraudulent use of such modes have also multiplied. To help with internet banking and e-commerce transactions, banks have come up with virtual cards.
For instance, the State Bank of India’s virtual card, which is a limit debit card, can be used to shop online at any merchant website. Websites that accept visa cards will accept this virtual card also, which is not much different from a regular plastic card.
Here are some features of the SBI virtual card, and how it will benefit you:
- The virtual card by State Bank of India is a single usage card, which can be only used once successfully and cannot be reused.
- SBI cardholders can make payments for their purchase through net banking.
- For online transactions, the creation of the SBI virtual card is authorized only after successful validation of One Time Password (OTP) that is sent to the cardholder’s registered mobile number.
- It stays valid for a period of 48 hours. Also, once the transaction is completed using the card, the card no longer stays valid.
- The main benefit of this virtual card is that it hides the primary card along with account details from the merchant. This reduces the chances of any fraudulent activity.
- To create the virtual SBI card, the minimum transaction amount of Rs 100 is needed and the maximum transaction amount is limited to Rs 50,000.
- Using the virtual card, the amount is debited only when the actual purchase is completed successfully.
- The virtual card by SBI can be used at any online merchant website that accepts visa cards.
- Cardholders can create this card multiple times for transactions online.
Here is how you can create your own SBI virtual card:
- Visit the SBI website and login to your SBI online banking account
- Once you have logged in click on the ‘e-Card’ tab at the top of the screen
- Then click on ‘generate virtual card’ tab
- Next, select the account you want to transfer to the virtual card
- To proceed, click on the agree to the terms and conditions, and click on ‘generate’ tab.
- After this, you will have to give your card details, such as the cardholder’s name, debit card number and the virtual card limit.
- To authenticate the transaction, the bank will send an OTP to the card holder’s registered mobile number.
- Click on ‘Confirm’ after entering the OTP.
- Once the validation is successful, the virtual card image with details such as card number, expiry date, etc will be displayed on the screen.
- The virtual card is now created and can be used for e-commerce transactions.