Friday, September 30, 2011

Virtual Credit Card

A Virtual Credit Card (VCC) is a replica of Real Credit Card which user can generate online, anytime whenever he/she wants to transact on any specific website. Its functions just like a normal Credit Card, though it’s generated in a virtual environment.

Advantages of a Virtual Credit Card

  • A Virtual Credit Card is only valid for one time transaction. It automatically expires once a transaction is successful.
  • A User can set his/her own limit on the VCC Amount/Currency. For Example, User can set his/her currency limit to 4500 INR, when he/she wants to transact/shop online for 100 USD (depending on the exchange rate). Because of this feature, the merchant website can’t charge more than 100 USD in any condition, from user’s bank account.
  • Almost all Payment Gateways recognizes a Virtual Credit Card as a real Credit Card, and any user can shop/transact online.
Why do we need Virtual Credit Card?
  • VCC is one of the secure payment methods to prevent the misuse of “Credit Card” during online transactions. You can delete VCC at any point of time if you don’t want to use it and amount will be credited back to your Primary Credit Card upon the removal of the VCC.
  • When the VCC is targeted by the phishing & identity theft website, the amount of damage is very less compared to “Primary Credit Card”.
Important Notes:
  • Some Payment Gateways like PayPal may recognize a VCC by its number or Bank, and may reject your Virtual Credit Card. It’s recommended that you should contact Merchant Website first, before using a VCC on their Site/Payment Gateway.
  • Features of Virtual Credit Card may differ from one bank to another.
  • Some Banks/Payment Gateways may charge additional fees for Currency Conversion or Service charge
For more details about E-Commerce Consulting and Payment Gateway please feel free to contact Prevaj Consultants at or call +91-8144760745.