SBI Virtual Card is nothing but a debit card with a limit. SBI recently introduced virtual cards for all the net-banking users. SBI Virtual Card is mainly used by internet shopping. You can pay on e-commerce websites like Amazon or Flipkart. SBI Virtual Card is not a physical card; it’s simply identified by its number. The virtual card meets all RBI requirements. SBI Virtual Card improves the security for all SBI card holders and helps issue prepaid payment instruments (PPIs).
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There is no danger of losing the SBI Virtual Card. Well, it’s available on your mobile phone. You are safe from fraudsters who use phishing as they can’t access card details at say ATM machines.
You can easily set limits on SBI virtual cards which reduces risk from fraudsters. The SBI virtual card is generated by marking a lien on an underlying account. Account-holders don’t lose interest.
Your bank account gets debited only when an actual transaction is made. If SBI virtual card is canceled, the lien mark gets lifted.
The use of SBI virtual cards must be extended to POS at restaurants and retail hotels. This would be great to pay Utility Bills online and even for cash withdrawal at ATMs. Currently, only internet banking customers apply for virtual cards. Banks must extend usage even to foreign transactions on International merchant websites.
See Also: A brief about Debit Card
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