For customers that wish to make online purchases, Kotak Mahindra Bank has rolled out the Kotak Netc@rd. The Kotak Kotak Netc@rd is a one-time use limited virtual debit card that protects the customer’s details when shopping online. This virtual debit card is valid for a period of 24-48 hours, is free of charge and can be used on any online merchant establishments that accept VISA cards.
Features and Benefits of Kotak Netc@rd
- The Kotak Netc@rd comes with a layer of security when shopping online.
- The actual card details of the Kotak Mahindra Bank customer are masked when shopping online.
- This unique payment service offers complete security when making purchases online.
- The limited virtual debit card can be created in seconds.
- Customers can shop anywhere on the globe provided that the merchant establishment one is making a purchase from accepts VISA cards.
- The Kotak Netc@rd is valid for a single transaction/purchase only. The card is valid for a period of 24-48 hours.
- This limited virtual debit card is free of charge. No charges are applicable for creating the Kotak Netc@rd.
How to use Kotak Netc@rd
- Visit the online merchant establishment you wish to make the purchase from.
- Choose the product you wish to buy on the website.
- Ensure that the online merchant establishment accepts VISA cards.
- Proceed to checkout when the products have been chosen.
- Select “debit card” (VISA) as the mode of payment.
- Next, log into your Kotak Mahindra Bank net banking account.
- Click on the Kotak Netc@rd tab.
- Once that is done, click on generate Kotak Netc@rd.
- Once you click on that, an OTP (One-time password) will be sent to your registered mobile number.
- Enter the OTP.
- Select the account you wish to transfer money from to the limited virtual debit card.
- Enter the amount you wish to transfer.
- Click on “generate”.
- Once the virtual debit card is created, the card number will be displayed and the expiry date.
- On the merchant establishment website, enter the virtual debit card details in the payment gateway section.
- Confirm the payment.
What You Should Keep in Mind When using Kotak Netc@rd
- Once the payment has been made, the card is no longer valid.
- The Kotak Netc@rd adds a layer of security and does not reveal your actual card details to the merchant establishment.
- If the customer chooses to purchase a product in foreign currency, the purchase amount will depend on the exchange rate of that particular day.
- Once the purchase is complete, the card will automatically be deactivated as it is a one-time use virtual debit card.
Kotak Netc@rd FAQs
1. Can you explain what exactly is a Netc@rd?
The Netc@rd is a limited virtual debit card that has been rolled out by Kotak Mahindra Bank in order to enhance the security of the customer when making purchases online. The Netc@rd is a one-time use card and can be generated at the time of making the payment on the merchant website via the net banking account of the customers. Through the Netc@rd, customers can make purchases anywhere in the world provided that the merchant establishment accepts VISA cards.
2. How safe is the Kotak Netc@rd?
The Kotak Netc@rd is a one-time use virtual card and is valid for a period of 24-48 hours only. This virtual debit card enhances security of the customer as it masks the actual card details of the customer. Once the purchase has been made, the card is automatically deactivated. Any residual amount in the virtual card following the purchase will be redirected to the bank account of the Kotak Mahindra Bank customer. One can generate a virtual card when he/she wishes to make the payment of the product.
3. Just in case, how can I cancel the Kotak Netc@rd?
Follow the steps to cancel the Kotak Netc@rd:
- Once the payment has been made, login to your Kotak Mahindra Bank net banking account.
- Click on the Netc@rd tab.
- From the menu option, click on “cancel Netc@rd”.
- Next, select the Netc@rd you wish to cancel as multiple Netc@rds can be created at once.
- Once the netc@rd has been selected, click on “cancel”.
- Note, only cards that have not been used can be cancelled. If one has used the Netc@rd, the card is automatically deactivated as it is a one-time use virtual debit card.
- If there is any money in the Netc@rd when you cancel, it will be redirected to your bank account within 1 working day.
4. Can I make withdrawals using the Kotak Netc@rd?
No, the Kotak Netc@rd can be used to make online purchases only and cannot be used to make withdrawals from ATMs as it is a virtual debit card.
5. What is the minimum and maximum transaction limit of the Kotak Netc@rd?
Kotak Mahindra Bank sets the transaction limit for making transactions using this limited virtual debit card. Currently, the minimum transaction limit is Rs.100 per day and the maximum transaction limit is Rs.50,000 per day. To make the transaction, the customer is first required to choose the bank account he/she wishes to transfer the money from to the Netc@rd. Once the money is transferred to this virtual debit card, he/she can make a purchase from any merchant establishments accepting VISA cards.