The Reserve Bank of India has brought out a new set of guidelines to enhance the security provided to debit and credit card customers. State Bank of India has recently rolled out a one-use ‘Virtual Card’ for its net banking users, which allows them to make online payments without exposing their real debit and credit card details to the merchant. The product has been developed to offer a more secure transacting experience for their customers.
The virtual card works as a limit debit card and can be created on the bank’s internet banking platform. The card, once generated, is valid for only 48 hours or once the transaction has been completed i.e. single usage, and can be used on any e-commerce payment platform. The minimum transaction amount to create an SBI virtual card is Rs 100 and the maximum is Rs 50,000. The amount is debited only when actual purchase using the virtual card is completed successfully.