Smart things you must know about a Virtual Card

1. A Virtual Card is a one-time use online card (no physical existence) that can be used only for online transactions or payments.

2. Anyone with Internet banking facility with transaction rights or a valid debit or credit card can create a Virtual Card.

3. Virtual Cards are valid for a maximum of 48 hours or till the transaction is completed, whichever is earlier.

4. Either the unutilised amount is credited back to the account after the time limit expires or the amount is debited only when the purchase is completed successfully.

5. It protects the user from card related frauds as the primary card or account details are not communicated to the merchant.

The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.