State Bank Offer Virtual Debit Card; Online Shopping Safer?

State Bank Of India (SBI) has come up with a Virtual Debit Card to ease tensions associated with online payment.

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!

India’s fight with cyber-crime has always been an uphill task which has resulted in huge losses. Recently we reported some Bank’s database being hacked!

However, safety standards continue to rise. Will users take the trouble of adding another layer of security?

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