The e-commerce industry in India is making incredible progress. This has resulted in increased consumption and a massive spike in the use of payment cards. However, it also calls for secured payment modes, and a virtual credit card addresses that demand perfectly.
It is a credit card that is exclusively available online and is an immensely resourceful tool today. A virtual card features all relevant details like the card number, expiration, and CVV of the user online. Also, the user can set the credit limit on their card based on their requirements.
A VCC works just like a regular credit card when it comes to online payments – users need to submit an OTP to authenticate a transaction. However, VCCs can only be used for online transactions and not in-store purchases. But, the history of purchases is reflected on the credit card statement.
In order to avail of this facility, a user must be the primary cardholder. If a user does not have an existing credit card, the VCC is issued against their debit card. This virtual credit card remains valid for 24 – 48 hours, depending on the card issuer.
Most leading financial institutions in the country offer this facility to their cardholders. A user can easily apply for this card through the website or mobile application of their card provider. The application process is simple and quick and can also be deactivated quickly. However, if you prefer a card with these salient features and further benefits, you may consider the Bajaj Finserv RBL Bank SuperCard. This card offers robust security features such as zero-fraud liability and in-hand security.