IndusInd Bank announced the launch of the ‘Virtual Commercial Card’, a credit card to allow cross-border transactions for corporates and travel agents. 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.
“Launched as ‘Virtual commercial Credit Card’, this offering is tailored to cater to the distinct requirements of corporates and travel industry, who make numerous bookings in multiple foreign currencies. With the Virtual Commercial Cards, these commercial users can generate virtual cards or credentials in foreign-denominated currencies as well, safeguarding the parent card number, ensuring utmost security for transactions,” IndusInd Bank said in a statement. Each virtual card can be fully customized with transaction-specific limits and even the expiry dates can be defined to ensure a secure and seamless payment experience, it added.
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.”
Ramakrishnan Gopalan, Head – Products, India & South Asia, Visa, said, “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.”
Sheetal Lalwani, Cofounder & COO, Juspay, said, “We’re making it easy for the buyers and suppliers in the corporate & 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.”
As on June 30, 2023, IndusInd Bank has a customer base of approx. 35 million, with 2606 branches/banking outlets and 2875 ATMs spread across geographical locations of the country and covering 1,38,000 villages.