PayPal is rolling out a new virtual credit card payment service called "PayPal Secure Card" on Tuesday. This new feature will enable customers to make payments on sites which don’t accept PayPal. They have partnered with MasterCard to generate one-use MasterCard number that can be utilized to make the payment.
PayPal will provide a browser plugin along with PayPal Secure Card, which will recognize an e-commerce checkout page and automatically fill-up all your credentials to make the payment faster and easier. Windows users using Internet Explorer or Firefox will be able to take full advantage of the service, whereas Mac users running Safari will only have partial access, according to Reuters.
For merchants, the transaction will appear as an ordinary credit card transaction, but for users the funds will be deducted from their PayPal balance. It is not clear whether PayPal plans on charging any fee for this service.
This move seems to be a response to Google’s Checkout, which stores user’s financial information for making online payments more secure. PayPal Secure Card will be available to all US users of PayPal on Tuesday (tomorrow), and soon they’ll open it up for international users. Last year, PayPal did a beta test of Secure Card in which over 3 million PayPal users participated.
This service will be very beneficial for users who don’t have a credit card and totally rely on PayPal for online payments. For those who already have credit card, this service removes the hassle of giving your actually credit card details online.
[Via: TechCrunch]
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wrote, on November 19th, 2007
I am hearing it first here and this would be a great option for those who are still skeptical about using their credit card online, since this is an one-time card, it is safe and expires after that.
wrote, on November 19th, 2007
I’ve been waiting for them to completely roll out this service for months now. I guess it’ll be a year atleast before we can expect to see this for users in India. Damn, the U.S. gets all the fun stuff.
wrote, on November 21st, 2007
All of a sudden PayPal is doing a lot to impress and build their user base. Thumbs up to Paypal
wrote, on November 21st, 2007
thats a good news for all ..its a similar kind like hdfc netsafe
wrote, on November 23rd, 2007
Thats Great news yaar.
wrote, on November 24th, 2007
Yay. I dont have a credit card !!