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Virtual credit cards, or VCCs, are coming forward as a safer and easier way of doing online transactions in today’s fast digital world. Virtual credit cards give users more security and privacy in transactions with service providers, thus popularizing digital payments. With that in mind, here’s getting through some of the best virtual credit card offerings for India:
1. HDFC Netsafe Virtual Credit Card
HDFC is the largest credit card issuer in India. And through Netsafe Virtual Credit Card, it further expanded its reach to digital land.
Validity: 48 hours (2 days).
Limit: To be applied only once for a single transaction with the sum amount added.
Features: The unused credit will automatically return to your principal account.
Merchant Acceptance: In all the sites of merchants that support VISA or MasterCard.
Limitation: You can create only 5 virtual cards in a day.
2. ICICI Virtual Credit Card
ICICI Virtual Credit Card This is an exclusive credit card that is used in online transactions and thereby, generates only a virtual version with the support of a physical card.
Signing up: Free.
Benefits: They enable the features of international transactions along with specific advantages and deals.
Restrictive: It is only available for online shopping. The card cannot be utilized for offline usage.
3. SBI Virtual Credit Card
SBI offers a very easy virtual credit card with no registration process, especially for existing SBI customers.
Validity: 48 hours or 2 days.
Minimum and Maximum Limit: ₹100 minimum and ₹50,000 maximum.
Features: DORMANT cards will automatically get cancelled on expiry.
Limitation: You can access only Indian, Bhutan and Nepal as it does not support international transactions.
4. Kotak NetC@rd
Kotak’s NetC@rd is one of the highly valued virtual credit card for secure online transactions.
Validity: 24-48 hours.
Features: Both domestic and international payments are supported. Enjoy free trials for OTT platforms.
Limitation: It does not have PayPal services and restricts one transaction per card.
5. Slonkit Prepaid Wallet
It is a prepaid wallet and is backed by DCB Bank. It provides a virtual VISA card.
Feature: Best suited for monitoring consumer spending by parents so that they can monitor their children’s expenses very conveniently.
Disadvantage: The card cannot withdraw from ATM.
6. Ewire
Ewire formerly known as cashiers and a self-destructing virtual credit card with discounts on some purchases.
Features: Utility bill payment, SIM recharge, and money withdrawal from ATMs.
Bonus: Suitable for paying bills and online shopping.
7. Axis PAYGO
PAYGO by Axis Bank is an easy-to-use and highly secure virtual credit card.
Eligibility: Need to have a savings account with Axis Bank.
Features: Free alerts through mobile application for transactions.
8. Udio
RBL Bank offers a free VISA virtual credit card for online transactions through Udio.
Features: A great option for kids with track of expenditure by parents.
Reward: You may convert the cashback points to refill the virtual card.
9. ecoPayz
ecoPayz is a virtual credit card, secured by MasterCard, for worldwide transactions.
Features: Free application offers access to over 30 currencies.
Bonus: Business account offers over 170 countries payment capabilities.
10. Karbon Virtual Credit Card
Karbon offers the corporate virtual credit card with an extended validity period.
Types of cards: Standard, cashback, and booster card.
Features: You can create around 5 cards for a single KYC account.
Bonus: Offers high cashback rewards apart from service discounts on sites like Canva and Fiverr.
11. Axis Bank Freecharge Plus Credit Card
Users of Freecharge app can use this card on a digital as well as a physical level.
Virtual credit card application fee: Nil.
Eligibility: Must be a Freecharge app user.
12. Oxygen Virtual Prepaid Visa Card
RBL Bank has been providing this virtual prepaid Visa card on an Oxygen Wallet.
Best for: Shopping, Online Purchases.
Bonus: Most widely used for any kind of operation in India.
Other Virtual Cards
Virtual credit cards are also offered by NBFCs such as FreeCharge and Oxigen, whereas conventional banks South Indian Bank (SIB), SBM Bank, and Federal Bank offer virtual card services too.
AT A GLANCE
Virtual credit cards come with a number of disadvantages, like difficult returns in physical stores. However, they also offer many benefits, such as increased security, easier online transactions, and reduced fraud risks. They are ideal for those who want secure digital payments and safer online purchases.
FUTURE OF VIRTUAL CREDIT CARDS
Despite their disadvantages, the future of virtual credit cards remains bright, as they are secure and user-friendly. Virtual credit cards are safer than physical cards because they come with built-in safety features, and you can easily cancel or block them. Virtual credit cards represent a very strong alternative to secure credit use in the evolving world of digital communities.