Unlike regular credit cards, virtual credit cards (VCC) does not have any existence, but they can be safely used online for any kind of shopping or transactions. Virtual cards lift any kind of fraud transactions, credit card information leak or misuse chances since these cards are valid for few hours. You can set your own credit limit, validity period and can also cancel the card at anytime before it’s expiry period. The launch of virtual credit cards in India is an innovative step to minimize the online fraud chances.
Since VCC cards are meant for online shopping or transactions only, you can create virtual credit cards from your online credit card account, provided by your bank. You can set your own credit limit, expiry date and the bank will give you a new CCV code (3 digit security code) for online transactions. These cards can be compared with prepaid cards since you set the amount, get all informations and then use it.
Currently Indian banks like ICICI bank, HDFC bank, Citi bank, Kotak Mahindra bank are providing virtual credit card facility to their customers. HDFC bank allows it’s customers to create VCC cards online by withdrawing money from their savings account also. All unused money will automatically get transferred to the credit card or savings account after the expiry of the issued VCC card.
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