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Virtual Debit Card Beta Puts PayPal One Step Ahead
The PayPal division of eBay, which operates the Web’s most respected online payment voucher system, is beginning beta trials of a next-generation online payment system, in cooperation with MasterCard. Using what’s described as a virtual debit card, a customer will be able to make a PayPal-authorized purchase using a one-time number good only for that transaction.
Perhaps the most innovative feature of the VDC system, the implications of which could be enormous if the trial is successful, is that it generates a new MasterCard number for each purchase. That number will be automatically filled in forms for retailers that accept MasterCard, by way of a browser-based add-in program. Once that number is validated, and a supplemental verification takes place between PayPal and MasterCard, that number would be discontinued.
BetaNews | PayPal ‘Virtual Debit Card’ Beta Seeks to Eliminate ID Theft
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Nelson Hochberg on March 17th, 2007 9:18 am
I used the Paypal Virtual Debit Card for about two months, removed it from my system and would not use it again until they make some changes described below. I found it to be LESS SECURE than a standard credit card.
The Paypal literature states that a unique credit card number is generated for each transaction implying that the and is good for only one transaction. However each generated credit and is good for three months allowing unlimited transactions up to the total amount in all of the credit cards, debit cards and bank accounts listed with your Paypal account. I had two vendors charge my Paypal Virtual Debit Card for more than the one charge I authorized.
It took me one and one half hours on the phone with Paypal to find out I have to download a hidden form, print it, fill it out and mail it to Paypal to contest a charge. All of my credit cards allow me to contest a charge over the phone. I am still waiting to find out if Paypal will refund the unauthorized transactions. (At the end of this post are the Paypal instructions for downloading and using the form to contest transactions)
It took me another hour on the phone to find out that I can cancel a virtual debit card through a supervisor. You have to call Paypal and request a supervisor to do this.
I would not recommend the Paypal Virtual Debit Card until it allows only one transaction for a set amount per card number And they provide a simpler means to contest a charge.
Instructions to locate the Chargeback Affidavit Form:
1. Log in to your account at https://www.paypal.com
2. Copy and paste this link: https://www.paypal.com/wf/f=dc_unauth in to your browser.
3. Click the “Affidavit of Disputed PayPal ATM/Debit Card Transactions”
link (This is the form used for virtual Debit Card disputes).
4. Complete the form. (You may leave the “ATM/Debit Card Number” field blank).
5. Click “Preview this form” at the bottom of the affidavit to view the completed form before printing it.
6. Click “Print Form”.
7. Once the form is printed, your signature is required.
The form can be mailed to:
PayPal
Attn: PayPal Debit Card Department
P.O. Box 45950
Omaha, NE 68145-0950
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