State Bank of India has launched a ‘virtual' electronic debit card for e-commerce transactions.
The ‘State Bank Virtual' card can be created by a customer using the bank's Internet Banking facility with transaction rights.
The product allows the user to create a virtual card for any online transaction and the customer is not required to share the details of the principal account on the merchant Web site, said the bank in a statement.
The new product is a convenient and secure gateway to online payment for SBI's Internet banking users. Among the features of the virtual card are: no charges on creation of the card and the customer can create any number of cards at the same time. The card is created for each online transaction and is valid for a maximum of 48 hours.
There is no transfer of balance from the principal account inasmuch as only a lien is marked on the account. The minimum amount with which the card can be loaded with is Rs 100. There is no upper limit.
Transfer of balance takes place only when the customer does the actual transaction online.