There will be many occasions when you don’t see your bank as an option when you want to buy something (online) that you wanted. Generally, all Visa and Mastercard Credit and Debit cards will be accepted for any online transaction. If you don’t see Internet Banking as an option or don’t see your bank listed under Internet Banking options, then this nifty tool from Axis bank, called ‘e-Wallet’ comes in handy. From your Axis bank internet banking, you can create an e-Wallet, or a temporary (prepaid) Visa card by filling the virtual card with money (from your Axis bank account) and use it to purchase the item.
The temporary e-Wallet, gives you the card number, name on the card (your register account name), expiry month and year and CVV number and VbV (you need to set this); all the things required for an online card transaction.
This temporary card can only be used once and must be used with in 24 hours of its creation. If it’s not used with in 24 hrs or used partially, the balance will be credited back to the account from which you initially sourced the funds.
There is no limit on the number of e-Wallets you can create but the daily limit (for any number of cards) should not exceed Rs.50000.
Update: This is now a common feature that we can see with most banks. They may be called by different names but they all are just the same, virtual credit/debit cards. You may log into your bank’s internet banking site to see if your bank offers the same. I can see this in almost all major banks in India.
This is especially useful to those who just wants to make a one off purchase on a not so trustworthy site or to those who are not comfortable with online purchases and just want to make a sample purchase once. As said before, if not used within a 24 hour period, the card will become invalid and hence there is no fear of card being misused by anyone.