June 19, 2024

Here is how a digital bank card works and get one


In recent times, India has witnessed an enormous upsurge in its e-commerce trade. It was the quickest rising on-line retail market in Asia in 2019. Moreover, estimations recommend there’d roughly 330 million digital consumers in 2020. Subsequently, the standard cost strategies have developed to accommodate this rise in on-line purchases. In at the moment’s age and time, playing cards, credit score, and debit dominate this area. The truth is, they account for almost 29% of transactions in India.

Bank cards, notably, are an immensely resourceful device for digital customers at the moment.  Plus, variants corresponding to a digital bank card (VCC) supply a hassle-free cost technique that additionally supplies full on-line safety. Because of this, it makes procuring much less cumbersome and safer for customers.

Significance of a VCC

Because the identify suggests, this card sort is simply accessible digitally and has no bodily existence.  All related particulars, corresponding to the cardboard quantity, expiration date, and CVV of the cardboard, can be found on-line for the consumer. All main monetary establishments in India supply this facility to their bank card and debit cardholders.

It’s issued for a brief interval, legitimate normally for a most of 48 hours. Therefore, a digital bank card is a perfect selection for one-time use. Customers have to enter a one-time password (OTP) to finish the transaction, simply as they do with an everyday bank card. Equally, all of your purchases will mirror on the assertion. Thus, you should use a VCC with out complicating bank card settlement.

Nonetheless, in contrast to its bodily counterpart, a VCC can solely be used for on-line transactions and never for in-store purchases.

Options of a digital bank card

Improved safety

The cardboard is issued for a restricted period of time starting from 24 to 48 hours. Due to this fact, it may be used for one-time on-line transactions. The cardboard quantity is a randomly generated quantity. Because of this, it minimizes your publicity to several types of bank card frauds and helps keep away from them. Additionally, you should submit an OTP earlier than making funds, thus, guaranteeing an extra layer of safety.

Transactional restrict

These playing cards include a specified credit score restrict, identical to another sort of bank card. The minimal credit score restrict of your VCC can be Re.1/-. You possibly can specify this restrict as per your requirement. It’s adjusted primarily based on the general restrict of the first card. Moreover, this ensures that you don’t overspend, eliminating the necessity for pointless bank card settlement sooner or later.


The Card Verification Quantity or CVV stays the identical regardless of the variety of transactions made in opposition to it. It adjustments provided that you cancel the cardboard and avail of a brand new one. This ensures that you simply take pleasure in a simple and uncomplicated technique of on-line cost.

Simple utility and blocking

A VCC is definitely accessible to all cardholders. The applying course of is straightforward, fast, and utterly digital. So, you do not want any pointless paperwork to accumulate this card. Moreover, you’ll be able to block it immediately in case you observed any menace to its safety.

Right here’s avail a VCC

Most card issuers supply a VCC to their cardholders. However, you should be a main cardholder to avail of this facility. Nonetheless, the process is straightforward and seamless:

Apply for a VCC through the monetary establishment’s cellular app or digital pockets.

You may as well apply for a similar from the official web site of the issuer.

Enter your bank card particulars. Some financiers additionally require further particulars like your PAN quantity and KYC.

Ease of use and on-line safety are the first options of a VCC. Alternatively, you too can go for bank cards like Bajaj Finserv RBL Financial institution SuperCard that gives zero-fraud legal responsibility and in-hand safety.

Different advantages of this card embody conversion of big-ticket bills into EMIs and hefty reward factors on transactions. These are a number of causes that make SuperCard the sensible solution to store on-line.

NBFCs like Bajaj Finserv additionally present pre-approved provides to make the appliance course of hassle-free and fewer time-consuming. These provides might be loved on bank cards, private loans, and enterprise loans. You possibly can verify your pre-approved supply by submitting your identify and speak to quantity.

Whereas selecting a bank card, it is crucial that you simply decide one which fits you the very best. To decide on the best bank card for your self, keep in mind components like your spending behavior.

Nonetheless, India is taking gradual steps in the direction of a cashless economic system. Amenities like digital bank cards will additional escalate their progress in the direction of this objective. Fee devices like bank cards are an indispensable device in that context. A digital bank card additionally enhances your on-line procuring expertise since it’s easy, safe, and straight-forward. With a VCC, you should not have to stress concerning the technique of cost the following time you make a web-based buy.

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