There is no doubt that Paypal as a company changed the way we buy things online. I would go so far as to argue that it made people more trustworthy of actually buying things online with its implementation through ebay. Even with newer apps and programs out there right now, it also houses a network for sending money to friends and family for easily.
What happens though, if you’re trying to buy something online and they do not accept Paypal? Is there any way that you can still use the service? Well, there may actually be a workaround…
Paypal has introduced Virtual Card Numbers! What does this mean exactly? Well, if you look at the payment methods inside of your Paypal account, you can generate a virtual card number from the Mastercard network that is associated with the payment method of your choice. Essentially, this allows you to use your Paypal account anywhere that takes Mastercard.
The finer details include:
- $10,000 Daily limit (unless the limit on your credit card is lower)
- 1.1% foreign transaction fee
- Works on both personal and business accounts
I think this is a really great feature to see Paypal implement. There are a few relevant and important implications of this program. For relevant, imagine being able to use your credit card anywhere that traditionally doesn’t take Paypal when there is a credit card bonus for using Paypal (Discover is offering 5% back right now).
For important, this is great if you are worried about the integrity of the place you’re shopping. Do you think that water filter that is being offered for 20% off on a random website it too good to be true? Or are you worried about a company going through a data breach? You could generate the number and use it without giving your actual card number. Seems like a nice easy way to get some added security, and saving the headache of having to replace your credit card.
What do you think about this new feature being implemented by Paypal? Is this something you could see yourself using? Let us know down in the comment section below!