Virtual Debit Card

Virtual Debit Card is a digital variant of the regular debit card which can be used to make online cashless transactions. This electronic debit card comes with its own 16-digit unique card number, expiry date and CVV just like any regular physical debit card and can be accessed through the respective bank’s mobile application. Apart from the e-commerce websites and online bill payments, certain virtual debit cards may also be used at the merchant POS which accept contactless payments.

Virtual Debit Cards come as a great option for today’s card users due to their ease of access and higher safety. This is so since they can be used digitally without the need to carry around any physical card, thus protecting your card from getting stolen, lost or damaged.

Also Read: Best Credit Cards in India

Listed below are some of the top virtual debit cards in India which you can choose from:

Virtual Debit Cards come with several features that make banking and their usage convenient and trouble-free. Some of these benefits are listed below:

• Safe and Secure: The virtual debit and credit cards come with relatively higher safety and security. While physical cards are at risk of being stolen, lost or even counterfeited, virtual debit cards are safer to use as they can not be lost. Even if the virtual card details are leaked or hacked, you can simply block your card immediately. These cards are also more secure as they are password protected by the bank mobile app or other digital platforms.
• Easy to Use: It is very easy to activate and use the virtual debit cards. Usually, you do not require to follow any separate setting up or registration process and get virtual cards that are instantly activated. It is also convenient to use these cards for online payments at any time and place.
• Offers and Deals: You can avail a wide range of online offers and deals on food, dining, shopping and other lifestyle categories offered by various e-commerce platforms by using virtual debit cards. Moreover, you can also earn reward points on your purchases made via certain cards.

Suggested Read: Best Credit Cards for Online Shopping

• Convenient to Carry: There is no need to carry a physical card everywhere if you have a virtual credit or debit card. You do not have to remember to carry your card separately and instead can just take your mobile phone and access the virtual card digitally anytime you want.
• Flexible Card Limits: Virtual credit cards and debit cards allow the users to customise the transaction or spending limits as per their preference and needs. You can change and set the card limits whenever you want online using the respective mobile app. 

• Cashless Transactions: Virtual debit cards allow the cardholders to make digital cashless payments on any of the online platforms for shopping, like Amazon, Flipkart, Myntra and many more, or make online bill payments as well. However, generally the virtual cards don’t have the facility to make offline transactions at the POS, unlike other physical debit or credit cards.
• Low Annual Fee: Virtual debit cards are offered with zero or nominal annual card fees. Some of these virtual cards are offered on opening certain bank accounts, like Kotak 811 account holders are given an accompanying free virtual Kotak debit card at the time of account opening. In this case, if you want the physical card variant, then you have to apply for it later and pay the physical card’s fee separately.

Suggested Read: Best Lifetime Free Credit Cards in India 

• Instant Card Blocking: If your virtual card shows any signs of misuse, you can instantly lock your card anytime and anywhere to prevent any unauthorised transaction. Unlike some physical debit cards which you can block by contacting the bank via the customer care service, virtual credit cards or debit cards can be easily blocked or unblocked online by simply logging in to the respective bank’s mobile app or internet banking account and clicking on the card block option.

Despite the above mentioned benefits, Virtual Debit Cards also come with a few disadvantages. The major limitations you might face while using a virtual card are as follows:

• Digital card variants can not be used at ATMs and hence do not allow their users to withdraw any cash.
• The virtual debit cards do not support offline transactions made at the physical stores, so the cardholders cannot make any payment that requires card swiping or tapping at the POS. These can only be used for online transactions.

Virtual Debit Cards are usually issued by many of the card providers when you open an instant bank account with them. 

Step 1: Apply for bank account – Generally, you do not have to apply for a virtual card separately, but rather have to open a bank account which comes with a virtual card.
Step 2: Application approval – Submit the application form with the required documents and identity proofs. After your account opening application is approved, the bank provides you with a virtual debit card along with the welcome kit.
Step 3: Sign Up to use the Card – The virtual card, thus received, can be accessed to make online transactions via the bank mobile app after signing up for the net banking services.

You can also get a virtual card by applying separately, in case you do not receive it at the time of opening a bank account. For this, banks normally provide both offline and online procedures. You can either visit the nearest branch for assistance or apply online via the bank’s internet banking portal.

Q. How to use Virtual Debit Cards?
A. You can use your virtual debit card just like any regular card for online transactions. For instance, you can go to any e-commerce website and enter your virtual credit or debit card details, like card number and CVV, on the payment page to complete your purchase.

Q. Can I use Virtual Debit Card at an ATM?
A. Virtual debit or credit cards can only be used for online transactions. Usually, you can not use them at the ATMs or make cash withdrawals. However, if you want to use your card offline and at ATMs, you can apply for a physical card. Some banks convert your virtual card to a physical one, while others offer other card variants for offline or POS transactions.