With e-retailers blocking out wallets that aren’t their own, wallet companies that want their customers to be able to transact across platforms are launching virtual debit cards
With e-retailers blocking out wallets that aren’t their own, wallet companies that want their customers to be able to transact across platforms are launching virtual debit cards.
After Oxigen launched one earlier this month, FreeCharge, said it was rolling out one too. Freecharge, owned by Snapdeal has partnered with MasterCard and Yes Bank for the card and its customers can now shop with e-retailers Flipkart or Amazon.
Shopping websites such as Flipkart, Amazon, Paytm and others do not allow users to pay for their purchase using a competitor’s wallet. However, since these are popular sites, Freecharge has been left with no option but to facilitate shopping on them for their customers.
As Kunal Shah, co-founder and CEO at FreeCharge concedes, one’s payment mode has to be accepted everywhere if one is to stay relevant. More virtual cards are likely to be rolled out soon; Paytm is talking of one in partnership with ICICI Bank.
In principle, FreeCharge’s virtual debit card will work akin to any debit card with a unique 16 digit number and a CVV linked to it. However, the card details will be accessible after entering security MPIN every time the customer has to view the card details to protect customer information. FreeCharge is partnering with different Point of Sale (PoS) operators to allow payments at offline stores too.