Paytm Bank will now begin issuing Visa Virtual Debit Cards to its customers. Announcing its announcement on Wednesday, Paytm Payment Bank Limited said it aims to provide more than 100 million new digital debit cards in the year 2020-21. According to Paytm, Visa Virtual Debit Card will allow customers to make payments through card with all merchants. Also, for the first time, bank customers will be able to use their Visa Debit Card for international transactions.
This is how a virtual debit card will work
To get a Virtual Debit Card you need to log in to your bank’s website and provide the required information. The bank will then give you a number. You can pay by giving this number when you go shopping. You won’t need a debit card.
Virtual Card Features
A virtual card is a single use card, which you can use only once. It cannot be reused. SBI’s virtual card for online transactions can be authorized only by sending OTP to the card holder’s registered mobile number and after verifying it. This card is valid for 48 hours. The minimum transaction amount for a virtual card is Rs 100 and the maximum transaction limit is Rs 50 thousand. Not all the money that is left in the customer’s account will be added to this card, which means that even if the card is cheated, only the amount recharged will be put at risk.Cardholders can often obtain this card for online transactions. When the card is canceled or expired, the amount left in the card will be returned to the customer.