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HDFC Netsafe vs. ICICI B2 Ewallet

Well you all might be aware of the benefits of using virtual credit card or also popularly known as VCC. If you don’t know about the VCC than click here to learn about it in depth. VCC is definitely the only alternative for those people who want to make payments online but do not want to buy a physical credit card for the same. This is the attitude of most of the Indians out there. As you also know that Indians cannot make international payment using their Indian debit cards as it is not valid internationally especially online irrespective of the fact that banks are claiming it as international or global card.

The two most popular VCC service provided by Indian Banks include

  • HDFC Netsafe
  • ICICI B2 Account

We will compare both these services feature by feature in the following paragraphs.

  1. Initial Opening of account : Opening an ICICI B2 account is a easy process as you just have to fill the online form and submit the documents to the representative who visits your home. B2 account is a zero balance account so there is no need to maintain any AQB in B2 account. The only disadvantage is that this service is available in very few areas. On the other hand for opening a HDFC account on has to maintain an AQB of Rs. 10,000 which is not a good option for students or other non working class. One can open a HDFC No frills account but whenever you ask the public relationship officer about the same they will entangle to you in such a loop of talks that you will leave the bank as they will force you to open a normal bank account. HDFC No Frills account is available everywhere in India.
  2. VCC Creation : Creating a VCC in both these banks is an easy task. You just have to follow in screen instructions to make one.

Characteristics of HDFC Netsafe VCC :

  • VCC can be either VISA or MasterCard depending on the fact whether you have a VISA or MasterCard debit or credit card
  • VCC can be loaded with any desired amount subjected to the maximum of the balance in your savings account.
  • Every time a new VCC number will be generated which means more anonymity.
  • Money from the VCC can be refunded to your bank account in case the VCC is partially used or completely unused.
  • Refunds can be accepted in this VCC. This feature is not mentioned on their website but is observed by me during a situations in which the seller refunds my amount.
  • The VCC generated by this service will not avail features like 3D secure (VISA) or MasterCard secure code. Due to this it cannot be used on the websites which requires these security measures to be activated before making a payment.
  • Can make payments via PayPal by attaching this VCC to your PayPal account but there is a risk that your account will be limited as every time a new VCC number will be generated.

Characteristics of B2 Ewallet:

  • This VCC is VISA only.
  • This VCC can also be loaded with any desired amount subjected to the maximum of the balance available in your B2 account
  • VCC number will remain same and the same card will be reloaded again and again.
  • Money from this VCC cannot be refunded back to your account in case the card is partially or completely unused. By this i mean money will remain under your control only but that money will not earn any interest. Money will remain in your Ewallet. So fill you VCC by only that much amount which you are actually going to use.
  • Refunds are easily accepted in this VCC as the card number will always remain same.
  • This VCC will have 3D secure service and thus is universally acceptable like physical credit card.
  • Can make payments via PayPal and can also be used to verify your account.

ICICI B2 Ewallet is definitely have a upper hand against HDFC Netsafe as the former is universally acceptable. Though anonymity is not present in Ewallet like it’s present in HDFC Netsafe but 3D secure registration will take care of this fact also.