IndusInd Bank launches Virtual Commercial Card

The virtual card was developed to cater to the distinct requirements of corporates and the travel industry, as they make bookings in multiple foreign currencies. By using the Virtual Commercial Card, commercial users can generate virtual cards or credentials in foreign-denominated currencies, safeguarding the parent card number, and ensuring full security of transactions.

Moreover, each virtual card can be customised with transaction-specific limits and expiry dates. According to officials, the Virtual Commercial Card offers a high degree of control, reduced complexity, and complete transparency. The card has been built on Visa’s Payables Automation platform, providing customers with user access and better expense management features. Representatives from Juspay highlighted their commitment to simplifying the payment experience for buyers and suppliers in the corporate and travel industry. The three companies aim to offer an intuitive, frictionless, tokenisation-cum-AFA regulation-compliant, maker-checker workflow-based product, that modernises spend controls for employees and finance and procurement teams. 

As per Grand View Research’s data, the global virtual cards market was valued at USD 13.31 billion in 2022 and it is projected to increase at a CAGR of 20.9% from 2023 to 2030. As the number of digital transactions is growing across the world, the demand for various types of virtual cards has also expanded, therefore contributing to market growth.

Moreover, virtual cards are expected to rise in demand due to the extra layer of protection that they offer, including tokenisation in the digital payment gateway system. Tokenisation technology embedded in virtual cards provides multiple benefits, including improved user experience and reduced costs on protections. 

Catering to the needs of consumer and corporate customers, the bank’s objective since its inception has been to redefine the banking experience for its clients, which include various government entities, PSUs, and large corporations. According to the bank’s data from June 2023, its customer base reached approximately 35 million, with 2606 banking outlets, and 2875 ATMs across the country.

In September 2023, Flutterware partnered with IndusInd Bank to expand its remittance products into India. Through this collaboration, Flutterware can meet the needs, preferences, and demands of its users while remaining compliant with the requirements and laws of the local industry.

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