To encourage online shopping, which faces resistance in India because of security concerns over using credit cards online, Axis Bank Ltd. has launched an e-Wallet card, the India-based announced June 29.
The card enables a user to shop online by creating a virtual card similar to a bankcard but with no plastic, just card information. Each e-Wallet card can be used only once, and each transaction is additionally authenticated through Verified by Visa, a customer service representative told PaymentsSource in an interview.
The bank’s online-banking portal instantly creates the e-Wallet card, which is usable on all websites that accept Visa, the representative said. “The customer will have to select the e-Wallet card option, choose the account from where the funds will be taken, and then create a virtual card,” she added.
The minimum limit for the card is 10 rupees (22 U.S. cents or 15 euro cents), and the maximum is 50,000 rupees, she said. “Each card will be valid for 48 hours, after which any unutilized amount will be credited back to the account within four days,” the representative said.
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