IndusInd Bank launches' virtual credit card' to ease cross-border payments
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IndusInd Bank on Thursday announced the launch of a "virtual commercial card", a credit card that will redefine cross-border transactions for corporates and travel agents, the company said in a press release.
In partnership with Visa, the global leader in digital payments and Juspay, a payments operating system, the virtual card has additional layers of security that give users complete control over their international expenses, thus making it safe and hassle-free.
Launched as a "virtual commercial credit card", it would help corporates and the travel industry, who make numerous bookings in multiple foreign currencies.
"With these virtual commercial cards, these users can generate virtual cards or credentials in foreign-denominated currencies as well, safeguarding the parent card number, ensuring utmost security for transactions. Each virtual card can be fully customised with transaction-specific limits and even the expiry dates can be defined to ensure a secure and seamless payment experience," the press release stated.
Soumitra Sen, head of consumer banking and marketing at IndusInd Bank, said, "...We are now delighted to launch the "virtual commercial credit card", a solution for our corporate and travel industry partners. At IndusInd Bank, we recognise the importance of meeting the evolving needs of our customers. Our commitment to delivering exceptional banking experiences drives us to continually innovate and offer cutting-edge solutions that cater to the unique requirements of businesses and individuals alike."
Ramakrishnan Gopalan, head of products, India and South Asia, Visa, said, "At Visa, we recognise that businesses engaged in managing domestic and cross-border travel have unique needs. We are thus delighted to partner with IndusInd Bank to launch this virtual commercial credit card that addresses these requirements perfectly."
Sheetal Lalwani, co-founder and chief operating officer, Juspay said, "We're making it easy for the buyers and suppliers in the corporate and travel industry to streamline their payments processes with our intuitive, frictionless, tokenisation-cum-AFA regulation compliant, and maker-checker workflow based virtual commercial card solution in partnership with Indusind Bank and Visa."
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