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.
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.
Not happy with a product or service? Just visit IndianMoney.com’s complaint portal IamCheated.com and post your issue. We’ll get in touch with the concerned entity and help you with the resolution. With an aim to spread awareness on fraudulent activities, we publish articles and videos on a regular basis. You can also publish reviews about companies on IamCheated.com.