Economy, Business And Markets

Bank Saderat Virtual Cards in High Demand

Bank Saderat Virtual Cards in High DemandBank Saderat Virtual Cards in High Demand

Bank Saderat Iran has issued more than 9,000 virtual cards to institutional and non-institutional entities during the first nine months of the current fiscal year (ending January 20).

Compared to the same period last year the figure has jumped 65 percent, Banker reported.

Virtual cards are a service offered by Bank Saderat; a 16 digit code is given to the client that can be used to transfer money from or to any debit cards that are accepted in the Shetab Banking System.

Shetab is Iran’s Interbank Information Transfer Network; an electronic banking clearance and automated payments system used between comecial banks.

Payments, however, can only be delivered to individuals.

 How to Get Them

With the use of virtual cards instead of debit cards, many limitations major institutional entities deal with can be eradicated, the report said.

Virtual cards are issued on demand of individual customers through the bank branch in which they hold accounts, the affirmative opinion of the branch manager and head of the bank in the area or province are also needed.

Clients applying for virtual cards must have a permanent address; additionally their records must be clear of bad loans and bounced checks which have led to lawsuits.