PayPal Testing “Virtual” Prepaid Credit Card
Online payment company PayPal is beta testing a new PayPal Virtual Debit Card that allows its users to disguise their debit or credit card numbers behind temporary card numbers that the virtual card creates.� PayPal members supply their real financial information to PayPal, which in turn generates one-time-only numbers that can be used for individual online transactions, with the one-time-only numbers being tied back to the real credit card numbers of the buyer.
Virtual credit card numbers are nothing new; Citi and Discover credit card holders already have the option to use them. PayPal’s offering would widen the number of credit card customers able to use such a service, as it is not tied to a particular credit card or debit card issuer.
For more on how virtual credit cards work, see our December, 2005 report Using Virtual Credit Cards in the Fight Against Identity Theft.
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