The computer implemented method and system disclosed herein enables online networking based on exchange of virtual electronic cards between a plurality of users. An online networking environment is provided to a user. The user creates a personal profile in the online networking environment. Further, the user may create a company profile or link with an existing company profile. A virtual electronic card of the user is automatically created in the online networking environment. The virtual electronic card is one of a personal electronic card and a company electronic card. A personal contact network of the user is established in the online networking environment by exchanging personal electronic cards between the user and the plurality of users. Further, a company contact network of the company of the user is established by exchanging company electronic cards between the company of the user and a plurality of companies.