Virtual Credit Card Industry in India
With everything around us gradually becoming virtual or network-based, our belief in using virtual cards has evolved. The modern digitized world calls for up-gradation to the latest and up-to-date alternatives from our otherwise traditional modes of payments and financial transactions. Though the conventional cash payment still holds true, the rising popularity of cashless transactions has changed how we deal with buying goods and services.
What is Virtual Credit Card?
It is simply a credit card, available online instead of a physical form. These have a unique combination of digits generated along with an expiration time and security code connected to an existing bank account. It is valid only for a single time use to make online payments. The payee would find it no different from any other credit card, except they would not receive the original credit card details.
These random expendable codes are specifically created with the sole purpose of making online payment more secure and convenient. In an age of hackers and fraudsters, Virtual Credit Cards provides the ultimate protection to its users from falling prey to various malpractices such as data breaching and other credit card frauds. Along with that, it also has many other feathers added to its cap, which makes it even more convenient. It is the fundamental digital solution to protect users’ hard-earned money from online theft and data breaches.
The card industry has come a long way. It started with paper, upgraded to plastic, and now it’s virtual. Considering all the benefits of a virtual credit card, it is high time to integrate it into our day-to-day life. Keeping in mind the present scenario, every individual or business concern needs to upgrade itself to write its own success story!
Growth of companies in Virtual Credit Space
Virtual credit cards help a great deal in optimizing one’s time and resources by replacing highly tedious and clumsy paperwork with its advanced payment mode. It eliminates any possible scope for human errors and allows users to make an instant payment anytime, anywhere, and to anyone.
Virtual Credit Card cost users nothing. Using it is a pretty rewarding experience. The contactless payment solution allows users to pay bills instantly and view all transactions done. Managing payments becomes effortless with the introduction of this advanced payment solution.
Since its inception, cards are replacing cash transactions, and it is anticipated that Mobile Credit Card’s usage would continue to grow in the Indian market. Due to the potential growth, it can be expected that the major companies like Mastercard and Visa as well as startups in the space would evolve to promote the tap-to-pay system for meeting the growing demands of users.