India’s IndusInd Bank has announced it is launching a ‘Virtual Commercial Card’ to improve cross-border transactions for corporates and travel agents.
In a tie-up with Visa and Juspay, India’s payments operating system, the virtual card is set to bring additional layers of security that can be defined for each transaction, the bank said.
For users, a key benefit of the card will be the ability to have complete control over their international expenses. The ‘Virtual commercial Credit Card’ is being targeted at corporates and the travel industry to help deal with numerous bookings in multiple foreign currencies.
With the Virtual Commercial Cards, users can generate virtual cards or credentials in foreign-denominated currencies whilst safeguarding the parent card number. Each virtual card can be fully customised with transaction-specific limits and while the expiry dates can be also defined to ensure a more seamless payment experience.
Speaking on the announcement, Mr. Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank, said, ““IndusInd Bank has always been in the forefront of driving customer convenience by introducing most innovative propositions through its array of banking solutions and suite of credit cards. We are now delighted to launch the ‘Virtual Commercial Credit Card’, a solution for our corporate and travel industry partners. “
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 – Products, India & South Asia, Visa added, “At Visa, we recognize 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.”