S.B.I Launched Virtual Cards For Better Online Shopping Experience

So finally the users of State Bank Of India can use a virtual card (VISA)! Big relief for those who used to shop online (like me). I had to buy a VCC ( Virtual Credit Card ) every time I make a transaction where net banking was not allowed,so a sense of relief now! S.B.I virtual debit card is currently VISA type,expected to be MASTER in later stages.

State Bank Virtual Card is a limit Debit card, which can be created using the State Bank Internet Banking facility for ecommerce (online) transactions.The Card can be used to shop online at any merchant website that accepts Visa Cards, without any difference from a regular plastic Card.The Card will be issued by marking a lien on the selected account and actual debit to the account will take place only when the Card is used.Minimum amount that can be issued is Rs. 100/- while the maximum amount that can be issued is 

Rs, 50,000/- per transaction. 

Features Of Virtual Cards By S.B.I-

• More secure:-
  • It reduces the risk of exposing the underlying Credit/Debit limit as the Primary Card / Account details are not communicated to the Merchant.
  • Card is valid up to a maximum of 48 hours or till the transaction is complete, whichever is earlier.
  • As Card creation and online transaction is authorised only after successful validation of One Time Password (OTP) sent to your Mobile during the process.
• Highly Flexible:-
  • It enables Bank customers to pay from any of their Internet Banking enabled accounts, having transaction rights.
  • Card can be created for any amount, from Rs. 100 to Rs. 50,000 (Round rupees)
  • Card can be used at any online merchant site that accepts Visa Cards.
• Easy to Use:-
  • No separate setup/ installation or registration is required. Any customer having internet banking facility with transaction rights can create Virtual Card.
• Zero Loss:-
• No loss of interest as the Card is generated by marking a lien on the underlying account and the amount is debited only when actual transaction using the Virtual Card is completed, successfully.

Why A Virtual Card Is Safer

While using virtual card,you don't have to share your bank account No., mobile No. , email address,  etc with the vendor/merchant.The generated card once used can not be used again to make any transaction. i.e one transaction for one card.If you haven't used your state bank virtual card for more than 48 hours,it be deactivated.Card is created using secure Internet Banking website and Card limit is decided at the time of creation.

How To Create A Virtual Card

• Login to your online banking account (www.onlinesbi.com/personal) and click on “Requests” tab and select“State Bank Virtual Card” option.
• Click on “Generate Virtual Card” tab.
• Enter the amount and select an account which will be debited for funding (initially lien-marking and later debiting) the Virtual Card.
• Enter the secure 8-digit password (OTP), received on your mobile.
• After successful validation, Card image with Card No., expiry date, etc will be displayed on the screen and your Card is now created and available for e-commerce transaction.

How To Use Your Virtual Card

1. Select required goods / services on merchant website.
2. Select State Bank Debit Card / Visa Card from the payment options.
3. Enter the Virtual Card details on the website.
4. Enter your secure 8-Digit password (OTP), received on your mobile.
5. After successful validation, you will receive SMS on your registered mobile confirming the transaction.
6. After the transaction, the Card will be de-activated and cannot be used again.

*OTP is One Time Password (Eight digits numerical) which is generated by bank for validating card creation and for confirming merchant transaction.

*You can make maximum three attempts to enter the OTP. Your Card will be blocked on the 4th attempt, for security reasons, and you will not be allowed to do any transaction using this Card.

*once the Card is blocked you cannot unblock or reuse the card.

*currently the minimum amount for which a Card can be created is Rs 100/- while the maximum amount is Rs 50,000/- (per Card).