Technological advancements have made it possible for one to apply for a virtual card in India, making online purchases and other online transactions. We will look at some of the leading Indian banks that offer virtual cards in India.
A virtual card is a disposable card with no physical form. Virtual card can only be used for online transactions. Nowadays, many financial institutions offer virtual cards to their customers. Virtual cards have card number, the expiry date, and the CVV number just like physical cards.
Benefits of Virtual Cards in India
Virtual cards come with a number of benefits. Among them are:
- Security. Virtual cards are more secure than physical cards. Virtual cards use randomly generated numbers. When you use it online, your bank details and personal details are not shared with the merchants. This protects you from online fraudsters.
- Convenience. You don’t have to carry your virtual card with you since you can save all the details on your smartphone.
- Spending limits. Virtual cards allow you to set spending limits. This feature ensures efficient management and control of your funds or company’s funds.
- Instant card. Application for a virtual card is generally simple and straightforward. If you meet all the requirements, you can apply for a virtual card instantly.
Best Virtual Cards in India
The following are some of the best virtual cards in India.
Kotak 811 Virtual Debit Card
Kotak 811 Limited and Full KYC accounts come with a free virtual debit card in India. The card can be used for online shopping or paying for services such as Netflix India.
How to Create Kotak 811 Debit Card
You can create a Kotak 811 virtual card by going to Kotak bank website and log on to online banking. You need to use your login ID (CRN) and password then click on the “Netcard” tab. You will receive an OTP to the mobile number registered in your account. You will then select the account from which you wish to draw funds for creating the card. Finally, click OK to generate the virtual card.
The Kotak Netcard is a limited, single use virtual debit card that can be used for online shopping where Visa is accepted. The Netcard is created through a debit on customers’ account on net banking. It is free to create Kotak Netcard.
Yes Bank Virtual Debit Card
Yes Bank virtual debit card was launched partnership with Singapore based Matchmove in 2016, allowing customers in India who do not own credit cards or have online banking facilities to start making purchases online or in-app. The Yes Bank virtual prepaid card in India can be generated at the click of a button in your digital wallet for free.
How to Create Yes Bank Virtual Debit Card
To create the prepaid virtual card, you need to first register for Yes Pay mobile wallet. One does not need to be a Yes Bank customer. Users can register for mobile wallet simply entering Aadhaar Number or Yes Bank customer ID. All wallet users get a free virtual card.
State Bank Virtual Card
State Bank virtual card can be created using the State Bank internet banking facility. You can use the SBI virtual card within 48 hours after it is created and it is only valid for a single transaction. For every transaction, a text message will be send to your mobile phone number for approval to ensure security.
DBS Bank Virtual Debit Card
DBS Bank offers a virtual Visa debit card. To access the DBS Bank virtual card, you need to sign up for its digibank e-wallet, which comes with the virtual card. To register for digibank e-wallet, you have to provide your name, date of birth, email address, mobile phone number, and location. You need to be an Indian resident who is at least 18 years old. Note that you can only fund your digibank e-wallet using NEFT.
Axis Bank Virtual Bank
Axis Bank offers a virtual card called Purchase Control Virtual Card. The card provides complete control and security over the use of accounts through virtual accounts and transaction-level authorisations. Moreover, you can keep track of your transactions with 29 customizable fields and spend reporting tools. To apply for Axis Bank virtual card, you either need to visit an Axis Bank branch near you or you can apply online.
HDFC Netsafe Virtual Card
HDFC NetSafe is a virtual credit card and virtual debit card in India offered by HDFC Bank. It is one of the few banks offering a virtual credit card in India. The card gives customers unique virtual card number for their credit or debit card that you can use instead of your real numbers for online transactions. NetSafe is free for HDFC Bank Visa and Mastercard credit card and debit card users.
NetSafe keeps your real card information safe by allowing you to use a virtual card number on merchant web sites. You can even create a unique password for additional protection. To protect against phising attacks, create a unique personal message that must confirm during every transaction.
Final Thoughts on Virtual Cards in India
With the transformation of the banking sector in India, banks in India are striving to offer innovative products such as virtual credit cards, virtual debit cards and virtual prepaid cards. Virtual cards in India are safer than physical cards when making online transactions. Before applying for a virtual card in India, it is best to research and choose one that best suits your needs.