Simply titled State Bank Virtual, the method is supposed to prevent debit card fraud while purchasing online.
What are the unique features?
State Bank Virtual offers a limited validity & denomination e-card. In simpler terms the payment system has a very low shelf-life of only 48 Hours. This ensures prevention of monetary loss even in case the details are compromised. Furthermore the account holder is not required to share details of the Principal Account on the merchant Website thus insulating the account from any possible fraud.With websites of even bigwigs like Microsoft being hacked, it is really great that the bank has come up with such initiatives. Earlier private enterprises like Infibeam had come up with the concept of e-rupee. Even earlier, Cleartrip had tied-up with Itz Cash to offer such protection features. However, both these services had a very glaring limitation.
A bank offering such protections means a customer can bypass the middle agencies for online payment. Additionally, such a system is web-site neutral & can be easily used wherever SBI’s net-banking is accepted. Thereby making this applicable almost everywhere!