A virtual credit card is a unique online payment solution that offers you complete security while shopping on the Internet. It is a one time use only card and once created is valid for only 24-48 hours from the time of its creation. What is more, you can decide the spending limit of your virtual credit card by adding only so much amount that you intend to spend online.

Virtual Credit Cards do not have a plastic existence and are created to be purely used online.

Banks In India Providing Virtual Credit Cards

Realizing the demand among Indians for a safe way of shopping online and the market potential for credit cards, many banks in India have started offering their customers an option to create virtual credit cards and filling it with funds from their bank accounts.  These banks are as follows -

1. HDFC Bank – Provides a virtual credit card called Netsafe. View the demo.
2. ICICI Bank -  Customers of ICICI bank can now create virtual credit cards by logging into their  Infinity account.
3. Kotak Mahindra Bank -  Provides a virtual credit card facility called netc@rd.
4. Central Bank of India – In association with MasterCard, brings a virtual credit card facility called Rêv Master Card. What is unique about the Central Bank of India offering is that you need not have a bank account to obtain this credit card. It is a pre paid MasterCard for the Internet. You can also give someone a Central Bank of India MasterCard as a gift. More details here.

I have not used any of these facilities. However, I will update this post with my opinion once I use any of the above offerings. One hurdle that many people in India – especially unemployed and retired old folks – faced was getting a credit card. Now that is bound to change for the better.