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State Bank of India launches virtual debit card to curb fraud in ecommerce transactions

The State Bank of India (SBI) has introduced a virtual debit
card called State Bank Virtual to address the users’ concern about debit card
fraud while doing ecommerce transactions. The electronic card can be created by
the account holder or customer using SBI’s Net banking facility for ecommerce
transactions. State Bank Virtual has a limited shelf life and can be used for
only one transaction to limit the exposure of the account.

The State Bank of India (SBI) has introduced a virtual debit
card called State Bank Virtual to address the users’ concern about debit card
fraud while doing ecommerce transactions. The electronic card can be created by
the account holder or customer using SBI’s Net banking facility for ecommerce
transactions. State Bank Virtual has a limited shelf life and can be used for
only one transaction to limit the exposure of the account.

It allows the user to create a virtual card for any online
transaction and the person is not required to share details of the principal
account on the merchant Website thus insulating the account from any possible
fraud.

There is no charge 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 maximum of 48 hours. There is no transfer
of balance from the principal account in as much as only a lien is marked on
the account. Actual transfer of balance takes place only when the customer does
the actual transaction online, SBI said.

“All forms of transactions, be it Internet banking,
credit and debit cards, are fully secured but there are some people who are
scared and hold back from online transactions on fears of compromise of data.
The main objective behind this new product is to provide relief to these
customers and give a push to e-commerce,” Richhpal Singh, DGM, Payment
Systems, SBI has said in a statement.

“Some of our Internet banking customers are
not comfortable with e-commerce transactions. But now, they will have no problem.
Apart from this, there are some Websites which are still considered unsafe and
a virtual debit card comes in handy in dealing with such Websites,” Singh
added.

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