It is hard to imagine modern people living without such a necessity as online shopping. However, with the emergence of e-commerce, people have also become worried about the protection of their payments. Introducing the virtual credit card – an innovation that is rocking the internet transaction systems to a stand still. But what is actually a virtual credit card and how will it be useful to you? KreditWala owner is here to tell you everything, so read this article to have a complete idea of it.
Understanding Virtual Credit Cards - Kreditwala
A virtual credit card also known as a virtual credit card number is an online card which can only be accessed via the mobile phone. This is intended for use in the online transaction, Kredit Wala offering a better security measure in the time of buying products on the internet.
Key Features:
1. Temporary Number: Unlike your physical card, a virtual card generates a random number for each transaction.
2. Limited Use: You can set spending limits and expiration dates for each virtual card.
3. Linked to Your Real Account: While the number is different, charges still apply to your main credit card account.
How Does a Virtual Credit Card Work?
1. Generation: You request a virtual card number from your credit card issuer or bank.
2. Usage: Use this number instead of your real card details when shopping online.
3. Processing: The transaction is processed and charged to your main account.
4. Expiration: The virtual number becomes invalid after use or on reaching its set expiry date.
Benefits of Using Virtual Credit Cards
1. Enhanced Security: Protects your real card details from potential data breaches.
2. Control Over Spending: Set specific limits for each virtual card.
3. Subscription Management: Ideal for free trials – the card becomes invalid after the trial period.
4. Peace of Mind: Shop online without worrying about your card details being compromised.
Read Also: Kreditwala - Perfect Credit Card For Your Financial Needs
Are There Any Drawbacks?
While virtual credit cards offer numerous advantages, there are a few considerations:
1. Refund Complications: Some merchants may face issues processing refunds to expired virtual cards.
2. Limited Availability: Not all banks or credit card companies offer this feature.
3. Not Suitable for Physical Purchases: Virtual cards are designed for online use only.
How to Get a Virtual Credit Card in India?
Kreditwala a best fintech company in India and Several Indian banks and fintech companies now offer virtual credit card services. Some popular options include:
1. HDFC Bank: Offers virtual cards only to their credit card holders.
2. SBI Card: Provides a virtual card service through their YONO app for online transactions.
3. Paytm: Offers a digital credit card in partnership with various banks.
To avail of a virtual credit card, check with your bank or credit card issuer about their specific offerings and application process.
Conclusion
Virtual credit cards can be considered as the improved solution to protect the Internet payment processing activity. In the context of the open digital shopping environment, they contribute an extra layer of security and management of one’s expenses. In view of the increasing e-commerce business in India, it would be beneficial for the wise smart shoppers to go for Virtual Credit Cards.
Discover Kreditwala Reviews and apply your virtual credit card Today!
As with every advantage, it is best to note that virtual credit cards help in security; however, it is still wise to be safe while shopping online. Ensure you are up to date with current events with Kreditwala News, always ensure that your software is updated and always make your purchases from reputable websites. Have a good time and be stress-free while shopping online!
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