Since the beginning of time, mankind has invented and developed new ways of conducting business and trade. Credit cards are not a new concept. Beginning in the mid-1940s, American Airlines and the Air Transport Association introduced the first credit cards to promote air travel. Later, banks and financial service providers offered the service to their customers. The current era of computing power and Internet diversity has continued to revolutionize the way we conduct our daily financial transactions. Whether it’s online shopping, transferring funds, booking a holiday abroad or buying other services online, credit cards make it all possible in the comfort of your own home. But are Internet transactions secure enough? Yes, with the introduction of virtual credit cards, they are now!
Internet Marketplace & Pirates
The Internet age has brought customers immense comfort and ease in making the right product choices. Search the web for what you need and in what price range, all the options available to you are there. Choose the one that suits you best and pay with your credit card with a few keystrokes. As with all good things there is a downside, the internet marketplace experienced a disruption. Pirates of the web emerged as a threat to otherwise considered safe online shopping. The introduction of virtual credit cards has helped to solve this problem.
Safety is possible
Modern encryption technologies and online security protocols/parameters like SSL, SMPX, etc. are now in place to ensure ultimate security in your financial transactions. The concept of virtual credit cards, VCCs have been around for a long time as an added security measure. VCCs are cards specifically designed for use on the Internet and are considered a secure form of online transactions. The use of the SET (Secure Electronic Transactions) protocol enables the security and confidentiality of transactions. The merchant-to-customer and customer-to-bank information security protocol is followed, allowing access only to information relevant to both parties. These are simply cards linked to the user’s bank credit card or physical bank account that replicates the original alias. All VCC providers have a payment authorization mechanism. It can either be an IVR (Interactive Voice Response) call to your personal mobile phone asking you to confirm if you are the person making the transaction, or in certain cases it can be either a text message/email delivered to your verified number. or by email. Some banks now offer temporary/time-bound VCC accounts. The best thing about VCC is that you can set your own maximum credit limit, due date and specific online store locations. That is, no possibility of fraud or misuse of the card.
Virtual credit cards: great service
One such virtual credit card service is Paypal. Providing services to purely digital systems to complete transactions Paypal is one of the earliest to start any virtual credit card payment service provider of its kind. It has approximately 81 million operating accounts in 190 markets around the world. The innovative invoice later service allows customers to invoice their e-invoices later via a bank account or credit card. They offer partnership services with all major online stores. Whether you’re buying accessories from amazon.com, paying for advertising on the Internet, or registering a domain name like godaddy.com, Paypal is always available. Another of the best VCC providers is Entropay. After loading funds into Entropay VCC from a regular bank account, you can make purchases via the Internet after confirming your address and other account information. When using the card, a nominal transaction fee is charged. A good alternative to Paypal, Netletter VCC offers a prepaid master card and registration is free. Operating costs per event. Netspend offers US citizens high-quality VCC services with both visa and master cards. American Express, a big name in the US banking industry, offers VCC services in addition to Mastercard and Visa cards for safe and hassle-free online spending. And there are several other similar services on the market.
A virtual credit card is required. As technology develops rapidly and people get used to easily adapt to newer, easier ways in life, VCC is a blessing for both the customer and the retailer. Gone are the days when people fearing identity theft did not shop or conduct financial transactions online. If you don’t have one in the wonderful age of virtual credit cards, you’re missing out.