India Post Payments Bank, or IPPB, which is the loan arm of the government-owned post office, has announced a revision of charges for its virtual debit cards. The bank said that from Wednesday, June 15, it will charge Rs 25 as annual maintenance and re-issuance charges for these digital debit cards. This is inclusive of GST, the lender said in its press release a day ago. IPPB Launched its Virtual Debit Card to help customers migrate towards the digital payments ecosystem which has been promoted by the Central Government.
In a press release dated June 14, India Post Payments Bank (IPPB) said, “It is informed to all concerned that an annual maintenance charge of Rs.25 (including GST) on Virtual Debit Cards (VDCs) will be applicable from Rs.15 onwards.” July, 2022.” IPPB in its press note has also mentioned that premium accounts (SBPRMs) will be exempted from these charges.
The virtual debit card launched by India Post Payment Bank can be used for online shopping, utility bill payments, ticket booking, etc. The bank already charges a one-time issuance fee of Rs. 25 for Virtual Debit Card, which includes GST.
download @ipbponline Mobile Banking App and Generate @RuPay_npci Virtual Debit Card to enjoy secure digital transactions for your online shopping, utility bill payments, ticket booking etc.
(1/3) pic.twitter.com/YczYcDpHSZ— India Post Payments Bank (@IPPBOnline) November 5, 2021
What is IPPB Virtual Debit Card?
IPPB RuPay Virtual Debit Card is a digital debit card that customers can generate on their mobile banking app. It allows IPPB customers to conduct digital transactions on e-commerce and online websites for purchase of goods, services, pay bills etc. on RuPay enabled portals or payment gateways. All transactions are validated through OTP as second factor authentication.
“Debit cards are one of the most popular means for cashless transactions these days and are already a dominant mode of payment in India. With the growing business of ecommerce/online services in India, the usage of debit cards on ECOM/online merchant transactions is increasing day by day,” says IPPB on its website.
“India Post Payments Bank (IPPB) introduces RuPay Virtual Debit Card to give a boost to the digital payments mission of the Government of India and to encourage customers/merchants to shift towards digital payment modes,” it adds.
IPPB customers who have mobile banking app with transaction rights and access can avail the services of Virtual Debit Card.
Features of IPPB Virtual Debit Card
– Debit Card can be self generated, blocked, unblocked from IPPB Mobile Banking App.
– Individuals can set their own daily limit.
– Acceptance on all RuPay supported e-commerce sites / merchant sites
– There are attractive e-commerce offers, cashback on paying utility bills, instant discounts etc.
Debit Card The card can be used for making online payments only at e-commerce / merchant websites / payment gateways accepting RuPay Debit Cards.
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