SBI's has introduced a new feature to reduce frauds

IamCheated.com Research Team | January 28, 2020 4:51:pm

SBI's has introduced a new feature to reduce frauds

The number of people using debit and credit cards is on the rise. Debit cards are used for various purposes like withdrawing cash, making payments at stores, for online payments and so on. While there is a rise in the usage of these cards, card frauds are also increasing. So, with the intention of providing more security to debit and credit card users, the Reserve Bank of India has recently brought into action a new set of guidelines.

Along with the Reserve Bank of India, even the country's largest lender State Bank of India (SBI), has come up with the new solution to enhance the security of debit card holders.

SBI has come up with a one-use ‘Virtual Card’ for its net banking users. Under this new feature, customers are allowed to make payments online without displaying their real debit and credit card details to the merchant. This virtual card is a limit card and you can create it using SBI's internet banking for e-commerce transactions.

You can use this card to make payments to online merchants, who accept visa cards and there is no difference between the regular debit cards.

In this blog, we will discuss everything you need to know about virtual cards

1. SBI virtual cards help in reducing frauds as it hides the primary card and account details from the merchant.

2. After you generate the SBI virtual card, its valid for 48 hours or till you complete the transaction.

3. You can create a virtual card or carry out online transactions only after validation of One Time Password (OTP) sent to your registered mobile number.

4. You can make the payment through net banking account.

5. This card is only for single-use. You won't be able to use it again.

How to create an SBI virtual card?

To create an SBI virtual card, you must first log on to the SBI online banking account.
You then click on the 'e-Card' tab on the top bar.
You then click on generate virtual card' tab.
You then need to select the account from which you want to transfer money to the virtual card.
You must enter the amount you want to transfer to the virtual card.
After entering the amount, click on the tick box and agree to the terms and conditions.
Next, click on 'Generate'.
You must verify the cardholder names, debit card account number and the virtual card limit.
Once you verify all the details, you will receive an OTP on your registered mobile number.
You must enter the OTP sent by SBI and confirm.
After you complete the above-mentioned procedures, the card image with the card number, expiry date and so on is displayed on the screen.
You can use this for e-commerce transactions.

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