SBI has recently launched Virtual Card. This virtual card is not a Credit Card but can be used for any Indian site which accepts Visa Card. There are lots of restrictions which makes it less useful. But, If you are a SBI customer and don’t have a credit card then probably you will be interested about State Bank of India Virtual Card. It is recommended to use a VCC for online purchase for security measure. With SBI Virtual card we can easily buy products from various online stores.
Here are a few conditions about the usage of the State Bank of India Virtual Card:
- The virtual card can be used in India, Nepal and Bhutan.
- It can be used for online payment only.
- The currency of the Virtual Card will be always Rupees.
- The unused card will be expired within 24-48 hrs from generating the card.
- The SBI virtual card can be used for only one transaction.
- Unused balance will be available in your account after 48hrs.
- There is no fee to generate/cancel/use the card.
- Also, there is no limit to generate cards. So we may generate unlimited card same time.
How to create State Bank of India Virtual Card:
Step 1: Login to your SBI online Banking Account. and Click on e-card option on right hand side.
Step 2: Fill the Card limit from Rs. 100 to Rs. 50,000. Then check the check-box to accept terms and condition then hit “Generate” Button as shown in the picture:
Step 3: State Bank of India will ask you for confirmation. The only thing you will need to click “Generate” button
Now the Virtual Card will be generated and look like the below image. It will have Visa Card number of 16 digit. cardholders name, CVV number and Expiry.
After generating the card you will not need to save the details. You may also retrieve card information from “Virtual Card Details” tab.
However State Bank of India has widest banking network in India but the SBI virtual Card is not best available product in its category. Here are few questions: The card is valid for only a few hours then what is the need of one time password (OTP) for that? And the most important question, Why the card is available for payments in India only?
Not only SBI Virtual card but any VCC enhance security and provide opportunity to users to shop online if we cant afford Credit Card.
The OTP feature for better security is sometimes headache for many users since we will need to verify while creating the card and using the SBI VCC. This also restrict many eCommerce sites which are not Verified by Visa or MasterCard Secure code enabled. It is also true that in India the number of such site is very less. Since this card is valid in India and you want to buy product from outside India then you may consider HDFC NetSafe or EntroPay.
The best virtual credit card in my opinion is HDFC NetSafe. Which has great features like, it can be used for international payment. It is true Credit Card alternative.