Executive Summary: Virtual Cards can be credit cards or prepaid cards. They can be used for online monetary transactions in India or globally. We compare the features of HDFC Bank NetSafe Card, Entropay Virtual Visa Card, Netc@rd by Kotak Mahindra Bank, Oxigen Wallet Prepaid Card and Virtual Card of Pockets By ICICI Bank here.
Monetary transactions have changed significantly over the last few years. With rapid changes in technology, it looks like they would keep evolving.
At the same time, there are many controls for monetary transactions. You can withdraw only a specific amount in one transaction from the ATM. There are restrictions/charges on number of withdrawals. Everyone does not get a credit card. There are payment systems such as Paypal which are used in other countries but not easily accessible in India. Moreover with online transactions increasing, there is always a threat of hacking into the cards or netbanking transactions.
In such situations, one can use Virtual Cards. They can be virtual cards, physical cards, credit cards or prepaid cards that can be used to make online payments. Let us look at their common features –
At the same time, there are many controls for monetary transactions. You can withdraw only a specific amount in one transaction from the ATM. There are restrictions/charges on number of withdrawals. Everyone does not get a credit card. There are payment systems such as Paypal which are used in other countries but not easily accessible in India. Moreover with online transactions increasing, there is always a threat of hacking into the cards or netbanking transactions.
In such situations, one can use Virtual Cards. They can be virtual cards, physical cards, credit cards or prepaid cards that can be used to make online payments. Let us look at their common features –
- Some cards are online services linked to your Netbanking account. To pay online, log in to portal and create a credit card for the required denomination. This can be used for payments.
- They can be used for a specified duration or specified number of transactions.
- Some of them expire automatically after 24 hours if not used.
- The cards usually have a limit so there is no risk of overcharging or losing a lot of money even if you are a victim of online fraud. your merchant cannot overcharge you
Here are details of some virtual cards available in the market –
|
Card
|
Description
|
Features
|
Limits
|
|
HDFC Bank NetSafe Card
|
An online secure payment solution from HDFC Bank
A virtual card number is generated using your existing physical credit card or debit card. This virtual card number can be used to shop online. |
The card can be generated on the HDFC Bank website.
5 virtual cards can be generated for debit cards. 3 or 5 virtual cards can be generated for credit cards depending on the type. The card is valid for 48 hours from the time it is generated or till the first transaction is complete whichever is earlier. The amount not utilised is credited back to the bank account/credit card. |
Limit on Infinite and Regalia credit cards is Rs. 1,50,000 and Rs. 75,000 for others.
|
|
Entropay Virtual Visa Card
|
It is a virtual Visa Card. It can be used for international transactions.
|
It can be used internationally across countries.
It is available for USD, GBP and EUR currencies. It can be generated here – https://www.entropay.com/ There are charges in some transactions like topping up the card, currency conversion and withdrawing money from the card which makes it expensive to use. It is a good solution when you want to transact internationally and do not have any other option. It does not support 3D verification so may not be widely accepted in India. |
Any amount from $5-$300 can be loaded in this card.
|
|
It is an instant online virtual credit card mainly for international transactions.
|
It can be used on online merchant portals that accept VISA cards.
It is a single transaction card. The card expires within 24-48 hours if no transactions are done. The unused amount is credited back to the respective bank account. There are no fees involved. Only Kotak bank customers can get this card. |
Minimum limit – Rs. 100
Maximum limit – Rs. 50,000 |
|
|
Oxigen Wallet Prepaid Card
|
Issued by Oxigen, the payment solution provider. It is powered by VISA.
|
Can be generated using the money in Oxigen wallet. You need not have a bank account/ credit card to activate it.
It can be created from the Oxigen Wallet App that is available in Google Playstore with a 16 digit card number, CVV number and an expiry date. You can add a 4 digit PIN for security. You can choose the amount to be put in the card. It can be used for online shopping and payments and will be treated as a debit card in these cases. These cards can be given to other persons as gifts too. The card is free of cost. |
Limits of the wallet are applicable here.
|
|
Pockets By ICICI Bank
|
The Pockets Wallet application offers free virtual VISA cards. There is an option for physical card as well.
|
Any person can get this card irrespective of whether he/she is a customer of ICICI bank or not.
If you opt for a physical card, you have to pay Rs.100 The card can be used for online shopping on websites based in India. |
The limits on the Pockets app are applicable to the card.
|
Virtual Credit Cards are useful if you do not have a credit card or are wary of using credit cards or your bank account in online transactions. If you regularly conduct international transactions or get freelance work outside of the country, virtual cards are a good option to manage the monetary aspects of the same. They are easy to generate and use.
Which virtual cards have you used? We would love to hear about your experience in using them.
Which virtual cards have you used? We would love to hear about your experience in using them.
0 Comments