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PayPal Providing Virtual Debit Cards
PayPal Inc. will start rolling out its so-called virtual debit card to âhundreds of thousandsâ? of users some time this month in a process it expects to complete by the end of August, a spokesperson for the San Jose, Calif.-based unit of online auctioneer eBay Inc. tells Digital Transactions News. The product, which relies on software that generates one-time-only account numbers and is now being tested by PayPal employees, should be generally available to the online transaction processorâs 105 million accountholders by yearâs end, the spokesperson says.
The virtual debit card deducts funds from usersâ PayPal accounts and can be used at any Web merchant that accepts MasterCard, expanding PayPal’s reach beyond those sites that accept PayPal. To make it work, the user downloads an application that becomes part of his computerâs toolbar. When the user visits a MasterCard-accepting site, the application generates a prepopulated form for payment, including a one-time account number and one-time card-verification value, the three-digit number usually found to the right of the signature panel on the back of physical cards.
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