Prepaid Financial Services (PFS) Virtual cards are designed primarily for two market sectors:
- Consumers spending online or on the phone. The product is ideal for security conscious shoppers who prefer not to use debit/credit cards linked to their bank account online.
- Corporate customers who would like to offer incentives, payouts or rewards to their customers.
The Virtual card is loaded with funds prior to use and is accepted for Internet and telephone purchases wherever the Visa or MasterCard® Acceptance Mark is displayed. The virtual card can be reloaded with additional funds at any time.
A prepaid Virtual account is used for secure online transactions and can be accompanied by a physical card.
All new and existing virtual cardholders will be able to shop online allowing the Corporate client to grow and increase their share of the online market place.
This white-labelled solution enables customers to apply, activate and manage their accounts online.
Consumers are increasingly cautious about giving out their financial details online, and there is still scepticism of the security of online transactions. Using a Virtual prepaid card provides consumers with a safe method of spending online, without the potential risks of compromising their bank account details.
Offering a prepaid Virtual card programme will earn the client revenue on a number of different transaction points.