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Since the beginning of time mankind has invented and developed new ways to trade and do business. Credit cards are not a new concept. The first credit cards were introduced by American Airlines and the Air Transport Association in the mid-1940s to promote air travel. Later banks and financial service providers served their customers. The present era of computing power and Internet diversity has further revolutionized the way we conduct our day to day financial transactions. Whether it is online shopping, fund transfer, booking a holiday abroad or purchasing other services online, credit cards make it all possible from the comfort of your home. But are internet transactions secure enough? Yes, now they are with the introduction of virtual credit cards!
Internet Markets and Pirates
The era of internet has provided immense convenience and ease to the customers in making the right product choice. Search the web for what you need and in what price range, all the options available to you will be there. Choose what suits you best and pay through your credit card in a few keystrokes. As with all good things that have a downside, the internet marketplace also experienced a glitch. Pirates of the web emerged as a threat to otherwise secure online transactions. The introduction of virtual credit cards has helped to overcome this problem.
security made possible
Modern encryption techniques and online security protocols/parameters like SSL, SMPX etc are now in place to ensure utmost security of your financial transactions. As an additional measure of security, the concept of Virtual Credit Card, VCC has been introduced for a long time. VCCs are cards specifically for use on the Internet and are considered a secure method of online transactions. The use of the SET (Secure Electronic Transaction) protocol makes the security and confidentiality of transactions possible. Merchant to Customer and Customer to Bank information security protocols are followed, allowing access to only relevant information for each of the two parties. These are simply cards linked to the user’s bank credit card or playing an alias to the original in a real bank account. All VCC service providers have payment authorization mechanism. This can either be an IVR (interactive voice response) call to your personal cellular phone asking you to confirm whether you are transacting or in some cases it may be a text message sent to your valid number. Can be SMS/e-mail message. or email. Some banks today offer temporary/time bound VCC accounts. The best part with VCC is that you can set your own maximum credit limit, expiry date and specific online locations from where to shop. Meaning, there is no possibility of fraud or misuse of the card.
Virtual Credit Card: An Excellent Service
One such virtual credit card service is Paypal. PayPal is one of the earliest pioneers of its kind among all virtual credit card payment providers, offering services that rely entirely on digital systems to conduct transactions. It has approximately 81 million operational accounts spread across 190 markets around the world. An innovative Bill-Me-Later service allows customers to be billed for their e-invoices later through bank account or credit card. They provide partnered services with all major online stores. Whether you buy goods from amazon.com, pay for advertising on the Internet, or buy a domain name from a registry like godaddy.com, Paypal is always there. Entrope is one of the better VCC providers. After loading funds from a regular bank account into your Entropay VCC, they set you free to shop on the Internet once you’ve verified your address and other account details. A nominal transaction fee is charged for using the card. A good alternative to Paypal, Netletter VCC offers a prepaid MasterCard and it’s free to sign up. Usage cost per transaction. NetSpend provides quality VCC services to individuals in the US in partnership with both Visa and MasterCard. American Express is a big name in the US banking industry that offers VCC services with Master and Visa cards for secure, hassle-free online spending. And there are many other similar services in the market.
Take it away!
It is a must to have a virtual credit card. With technology advancing rapidly and people getting used to new, easier ways in life with ease, VCC is a boon for both the customer and the retailer. Gone are the days when the fear of identity theft kept people away from making purchases or doing monetary transactions on the web. In this wonderful era of virtual credit cards, if you do not have one, you are missing out on a lot.
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