What is State Bank Virtual Card?
State Bank Virtual Card is a limit Debit card, which can be created using the State Bank Internet Banking facility for e- commerce (online) transactions.
The Card can be used to shop online at any merchant website that accepts Visa Cards, without any difference from a regular plastic Card.
The Card will be issued by marking a lien on the selected account & actual debit to the account will take place only when the Card is used.
What is an e-commerce (online) transaction?
Electronic commerce, commonly known as e-commerce, refers to the buying and selling of products or / services over electronic systems such as the Internet & other computer networks.
In general, what are the features of Virtual Cards?
More secure:-
It reduces the risk of exposing the underlying Credit / or Debit limit as the Primary Card / or Account details are not communicated to the Merchant.
Card is valid up to a maximum of 48 hours or / till the transaction is complete, whichever is earlier.
As Card creation & online transaction is authorised only after successful validation of One Time Password (OTP) sent to your Mobile during the process.
Highly Flexible:-
It enables Bank customers to pay from any of their Internet Banking enabled accounts, having transaction rights.
Card can be created for any amount, from Rs.100 to Rs. 50,000 (Round rupees)
Card can be used at any online merchant site that accepts Visa Cards.
Easy to Use..!
No separate setup / or installation or registration is required. Any customer having internet banking facility with transaction rights can create Virtual Card.
Zero Loss:-
No loss of interest as the Card is generated by marking a lien on the underlying account and the amount is debited only when actual transaction using the Virtual Card is completed, successfully.
Is my Virtual Card safer?
Yes, the customer details (your bank account No., cell No. , Email address, etc) are not shared with Merchant / or Vendor.
The Card is a single usage card, i.e once used successfully it cannot be reused.
The available window for Card usage is limited to a maximum period of 48 hrs.
Card is created using secure Internet Banking website and Card limit is decided at the time of creation.
Both Card creation and usage during online transaction are authorised only after successful validation of OTP, making it more secure.
State Bank helpline at 1800 11 2211 / 1800 425 3800 (Toll free) or 080 2659 9990 or email your complaint to contactcentre@sbi.co.in or feedback.virtualcard@sbi.co.in.
Src: https://www.onlinesbi.com/virtual_card_faq.html
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