Almost everyone has debit cards and uses UPI payment methods. But did you know that banks now have something called the virtual debit card?
If you are searching for ‘virtual debit card meaning’, you are at the right place. A virtual debit card is an electronic debit card, which you can keep in your phone digitally instead of the physical wallet.
It can be used for all kinds of payments, just like a physical debit card.
Not only is it completely secure, virtual debit cards are even more convenient than regular debit cards.
There are two types of virtual debit cards largely based on the number of times they can be used. What kind of debit card you can get completely depends on your bank.
This type of virtual debit card, as the name suggests, can be used only once.
It gets deactivated within 48 hours or after one transaction, whichever occurs first.
You can securely use them to make ecommerce transactions without having to share your original card or bank account details.
Card creation and transaction is authorized only after the OTP sent to your registered mobile number is validated.
This card can be created for any amount between Rs.100 to Rs.50,000.
This debit card is a virtual version of your physical card. Features include -
In most cases, it can be accessed from your phone using your bank’s mobile app.
You can opt for this if you need to urgently make a transaction before your physical card has arrived.
Since they are digital, they can be activated almost instantly.
In most cases, you can decide the limit of the card.
It is easy to block or unblock it.
There are lesser chances of it getting lost or stolen.
The steps to getting a virtual debit card are quite simple. These are-
Download your bank’s mobile app and login using your credentials.
Go to the ‘Cards’ section, and choose ‘Virtual Debit Cards’.
Click on ‘Register New Virtual Debit Card’.
Select the account number with which you want to use the card.
Choose the type of card you want. Most banks have multiple cards with a variety of offers.
Select the card validity date and month if your bank allows it.
Click on the confirmation box.
Finally, enter the transaction PIN to generate your virtual debit card.
Please note that there may be variations in the steps above based on your bank.
There are many benefits of using a virtual debit card. Take a look at a few of them-
You can activate them and start using them in an instant. There is no need to wait endlessly for your physical card to arrive
Unlike a physical card which needs to be activated before use, a virtual debit card is already activated on being issued
You can use them to withdraw cash from ATMs without the need of an ATM card.
There is less chance of it being stolen or cloned, as there is no physical card.
You can easily manage multiple virtual debit and credit cards as all of them exist online.
You can easily block it and opt for a new one if you suspect misuse of any kind
A virtual debit card can be a single or multiple use card. As you can see, there are multiple benefits of using a virtual debit card. Apart from them being safe, they are hassle-free and are on-the-go with you.
Get in touch with your bank to know more about the virtual debit cards that your bank offers!
Virtual debit cards can be used everywhere that accepts a physical debit card. They can be used for both online and offline transactions.
Virtual debit cards work exactly like their physical counterparts. You have a secret PIN and an OTP to authenticate your payment. The only difference is that the card exists entirely on your phone.
Unfortunately, you cannot use a virtual debit card without a smartphone. You will need to install your bank’s app to be able to access the virtual debit card issued by your bank.
Any account holder at a bank that issues virtual debit cards is eligible to get a virtual debit card. It includes savings, current, overdraft, or joint accounts.
Currently banks don’t charge anything for issuing virtual debit cards, and the service is entirely free. Only if you want to turn your card into a physical card, you will have to pay charges.
Yes, just like a traditional debit card, a virtual debit card also has a CVV. It also has a PIN and an expiry date.
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