IndusInd Bank recently launched a ‘Virtual Commercial Card,’ a credit card that is all set to redefine cross-border transactions for corporates and travel agents. Generated in a tie-up with Visa and Juspay, this virtual card has additional layers of security that can be defined for each transaction, which grants the users complete control over their international expenses, making it a safe and hassle-free experience for the customers, IndusInd Bank notified via a statement.
The statement said that this card caters to the distinct requirements of corporate and travel industry, where people make numerous bookings in multiple foreign currencies. With the Virtual Commercial Cards, 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 secure and seamless payment experience.
Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank, said in the statement, “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. At IndusInd Bank, we recognise the importance of meeting the evolving needs of our customers. Our commitment to deliver 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 and South Asia, Visa, also 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. Providing a high degree of control, reduced complexity and complete transparency, this commercial card solution built on the Visa Payables Automation platform also allows for multiple user access and better expense management, while providing the highest standards of transaction security.”
Adding to it, Sheetal Lalwani, co-founder and Chief Operating Officer (COO), 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. Seamless authentication in buyer-supplier payments is yet another innovation of Juspay, aimed at creating easy-to-use experiences that modernise spend controls for employees as well as for finance and procurement teams across the industry.
