Is it better to use a virtual credit card or a mobile app to transact?

Emerging digital trends and customer usage clearly indicates that there is space for both. A virtual card, like HDFC Bank’s Netsafe, is a card that a customer creates to protect the usage of the actual card credentials online. This feature is largely used by customers to carry out international online transactions (where there is no two-factor authentication). Virtual card also helps customers to keep a plastic for POS usage and a virtual card with different card credentials and a restricted limit for usage on various merchant websites.

We see both of these converging and customers finally seeking ‘secure’ payments. A case in point is PayZapp, the digital payment solution that we launched recently. For a customer who wants to complete a domestic online purchase via mobile, PayZapp provides one-click payment with highest level of security. Within PayZapp, there is also a functionality to create a virtual card which the customers can use for online purchases outside of the PayZapp mobile app.

Customers today seek various payment options that are simple and secure. Virtual cards are for a specific need but the larger need is to make all web and mobile payments simple, fast and secure. We have, therefore, addressed the above varied needs with a single app. We see a need to create a safe and fast ecosystem, to enable digital payments and give customers multiple options, products and solutions. Different payment instruments address different needs of the customers. A strong mobile payment solution should address all key customer requirements through a single solution.   

olmdesk@outlookindia.com