ISSUANCE OF VIRTUAL ONLY CREDIT CARD THROUGH DIGITAL CHANNELS
Presently Bank is offering Credit Card Physically and Virtually both. Keeping in view the growing demand & digitalization, Bank is providing an option to customer to opt for ‘Only Virtual Credit Card’ during the Credit Card Application On-boarding journey. Currently the option of ‘Only Virtual Card’ or ‘Physical Card’ is provided to Customer on PreQualified Credit Card Onboarding Journey through PNBONE, Internet Banking (IBS) and Bank’s Credit Card Website.
The facility to view Virtual Credit Card has already been provided in PNB GENIE credit card application through E-Card section. In case of option selected ‘Only Virtual Card’ in PreQualified Credit Card onboarding journey, Credit Card CVV will be dynamic & for every usage a new CVV will be generated i.e., card CVV will change after every transaction on E-commerce website. If the customer chooses for ‘Only Virtual Card’, no physical card will be delivered to the customer and he/she will be able to do E-Commerce transactions only. In case of RUPAY credit card, customer will also be able to link it for UPI transaction including scanning of QR. In case of option selected ‘Physical Card’ i.e., if Customer opts for Physical Card & use the same card Virtually, then CVV will be static.
Benefits of using Virtual Credit Card:
- Convenience: As the virtual credit card doesn’t have any physical form, its details can be saved on Customer’s mobile phone and the same can be used for carrying out E-COM transactions without compromising on security. Therefore, the hassles of carrying physical cards are entirely eliminated. Further in case of Rupay credit card, benefits of Credit Card on UPI can also be availed.
- Security: As Customer don’t have to swipe the virtual card to make payments, the possibility of storage of card details at Merchant Devices become less.
- Instant access: As virtual credit cards are issued online; Customer can access them instantly and start using without waiting for physical card.
The option of Virtual Only Credit Card is available only for Individuals. In case of Corporate Credit (With Corporate Liability/ Individual Liability) the option of Virtual Only Credit Card is not available. Likewise, there is no change in the eligibility, under-writing standard, RUM & Service Charges for issuance of Virtual Only Credit Card to individuals.