Paypal Launches Virtual Debt Card.

http://www.paypal.com/cgi-bin/webscr?cmd=xpt/cps/account/VDCFrequentlyAskedQuestions-outside

If there is uptake on this it will really change online commerce.     You generate a new CC for each purchase you make.   This means most types of CC fraud found online are now impossible as the credit card is invalidated after every use.

The theory is that more people will feel comfortable buying stuff online because now there is no chance of someone stealing your card.     This should increase conversion rates all over the web and raise PPC prices.   Google will have to do something to respond…

39 Responses to “Paypal Launches Virtual Debt Card.”

  1. Mayo Says:

    Markus,
    I already have this kind of Visa Debit Card from Banca Intesa from Italy three years ago, and it rocks! It has some glitches but it’s fine.

    What i would actually like to see is that ALL banks offer this kind of services, and with the PayPal on the wagon we will surely see them coming soon!

  2. Mayo Says:

    Only mine was in the form of paper card🙂, with on-line interface to issue new CC numbers.

  3. Kevin Dente Says:

    Citibank has offered something similar for years. I used it a few times, but it was glitchy – many times the vendor wouldn’t recognize the number as a valid CC.

    Ironically, since most CCs don’t make their customers pay for bogus purchases already, the real beneficiary of this is the CC companies. Since it involves a hassle for the consumer, I doubt they’ll be very motivated to use it.

  4. Vivek Says:

    Kevin,

    The Citibank virtual card number has worked for me perfectly ever since i started using it for the past year. Also the Paypal beta has been in the works since July.
    -V

  5. Sam Moorcroft, ChristianCafe.com Says:

    Imagine the effect this would have (if it became widespread) on every subscription based service, whether personals, magazines, gyms, phones, TV, or any other service which charges your card every month.

    VISA/MC et al are in the business of taking a cut out of every transaction. I highly doubt they want to mess this up for their hundreds of thousands of merchants in the above categories. It would cost everyone, never mind inconveniencing all those consumers who use the various services out there. Imagine every month having to remember to renew your cell phone service with a new card or your dating membership or TV service, etc.

  6. Mike Says:

    Uhh, I consider that an advantage to the consumer, not a disadvantage. Take Match.com for example and their “Get the first month free” then they automatically charge your card if you don’t cancel. If you used a one-time use credit card it would save you from having to cancel.

    If the consumer knew it was a recurring fee and they actually wanted to pay it, they could easily use a regular credit card number.

  7. Sam Moorcroft, ChristianCafe.com Says:

    Sure, in the specific case you just mentioned, esp. on a site with a misleading “free” trial (I thought this was against card company regs?).

    However, I was referring to this practice becoming widespread (however unlikely that will ever happen) and the ramifications for all types of services that use recurring billing, where the consumer *would* be severely disadvantaged.

  8. Mayo Says:

    Hmmm…🙂

    No, you can actually make CC valid for up to ONE YEAR (at least in my case), or you can make CC valid for one day.

    BTW i had to write down the CC number on the sheet of paper or in the file so i believe there will be wide spread need for CC number accounting and safe house encryption for ones not using PayPal Virtual CC (hehe🙂 … new problems… new solutions – although i believe there are already established similar solutions this will require new ones).

  9. cMatch Says:

    For us this would be particularly interesting if implemented in those parts in the world with currently a low(er) credit card penetration. Especially Asia, since this is an emerging market with growing Internet connectivity but still limited online payment options.

  10. William Blake Says:

    I think the recurring payment issue would be the biggest hurdle, as others have mentioned above.

    If this were implemented widely, there would probably need to be some sort of verification method for the merchants to check how long the card is valid for.

    Without some sort of verification, it would create a lot more administration for merchants, the cost of which would ultimately be passed on to the consumer.

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  14. No Name Says:

    Citibank has offered something similar for years. I used it a few times, but it was glitchy – many times the vendor wouldn’t recognize the number as a valid CC.

  15. bestfinder Says:

    Yeah, i agree. Nothing has changed. Is the nothing new?

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  20. Andrew A. Sailer Says:

    Hey there, you made my day with that post. Could you please elaborate more on this topic on your nest post? BTW, everyone should spend their money with common sense and try not to get into huge debts. I wrote a bit about that at http://HowToReduceCreditCardDebt.org a couple of days ago.

  21. Syaeful Says:

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  23. Paypalvcc Says:

    http://www.paypalvcc.com

    Paypal & Ebay VCC :

    1. Verify your PayPal & Ebay account within seconds.
    2. No future risk of loosing money by CC payment if your PayPal being hacked.
    3. You will get the 16 digit Visa Credit Card Number, Card expiry date & Card Verification Value (CVV) by PM within 24 hours of your payment.
    4. If you remain online & use the information provided immediately to your unverified PayPal account I will send you the verification code within minutes.
    5. Only one time use card can’t be used again.
    6. 100% verification rate.

    Note

    1. Please tell me for why u need a VCC (For Paypal or Ebay)
    2. If your PayPal needs to add bank account in addition to CC you can just lift your account limit with VCC. To verify such PayPal you must have a valid bank account, only VCC will not do. (e.g. in case of US PayPal account)

    Payment options:

    Price : 12$ each card [Liberty Reserve, Paypal, Alertpay]

    Note :

    After verifying the account, you will be receiving $2 from Paypal within a week for verifying your account.
    * The virtual credit card must be used within 24hours or else it will expire. Note: unused VCC will never be refunded so please use it when u get it in hand.

    * If you face any problem within this period, I’ll refund the money that I got from you.

    Remember, if only the problem is because of my card.

    It works great for most of the countries. But USA , CAN , AUS and UK need bank acc. too for complete verification.

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