When it comes to shopping online, lot of us don’t feel safe (especially here in India) while sharing our credit card number of the Internet.
PayPal and some US banks offer "disposable credit cards" where the credit card number expires after single-use. You key in the card details on a shopping website, finish the transaction and that credit card number is rendered useless immediately.
Now the Kotak Mahindra Bank in India is also offering these "one time use" Credit Cards Debit Cards that can be used on all websites that accepts VISA cards.
Related: Future Group Credit Cards [for Big Bazaar customers]
Here’s how Kotak Internet cards work – you login to your bank account and generate a new debit card number along with the 3 digit CVV code. You also specify a maximum limit of transaction allowed for that card.
You then open the shopping website, complete your purchase and make the payment via the card you just generated yourself. If you don’t use the card for 48 hours, it will automatically expire. There’s no fee though you need an account at Kotak in order to use the virtual card service.
Kotak Flyer | Kotak Cards | Video Demo
Find this article at: http://www.labnol.org/india/interesting/debit-cards-india-for-shopping-safely-on-internet/3359/
Tags: credit cards, debit cards, kotak mahindra, India, Interesting
Reader Comments
These cards offered by Kotak Bank are called ‘NetC@rds.’ A similar facility is given by Bank of America by the name ‘Shopsafe.’ You set the purchase limit, the expiry (valid thru) and go ahead using it for online purchases. There’s a catch! In BOA, once a Shopsafe card is utilized at a particular merchant site, say Ebay, this card will be restricted to Ebay throughout its life. So to shop at multiple merchant sites, one will have to create multiple Shopsafe cards, one for each merchant.
Written by DWiner on 05.20.08
HDFC Bank has been offering disposable credit cards for online shopping called Netsafe for years now.
Written by Rajesh Kumar on 05.21.08
i want a virtual prepaid debit card with mastercard or visa logo for online payment internationaly is there any such banks or private
corporation to provide this thing.
Written by Bijay Kumar Behera on 06.29.08
Hello amit,
I just have a question that will the debit cards generated by kotak mahindra bank work in paypal.
I mean paypal accepts fund from international credit cards/debit card.So will it work there ??
Written by Newmasalaboard on 11.19.08