Banking

PayPal announces Secure Card, a virtual credit card

PayPal, the payment service, has announced a partnership with MasterCard that allows users to shop on sites that don't accept PayPal directly.

PayPal, the payment service, has announced a partnership with MasterCard that allows users to shop on sites that don't accept PayPal directly.

An excerpt from PC World:

Through a partnership with credit card issuer MasterCard Inc, Secure Card generates a unique MasterCard number each time a PayPal user arrives on an e-commerce sales checkout page that does not otherwise accept its payments.

"From a merchant's perspective this looks like any other MasterCard transaction," said Chris George, director of financial products for PayPal. "And it's just another PayPal purchase to the customer."

Users have to download a PayPal plug-in for accessing the feature. No information is saved on the user's local machine. The plug-in detects when a user is on a checkout page and automatically fills financial information for them.

The move is a challenge to Google's Checkout service, which stores financial information for secure online transactions (e-consultancy).

The service works with debit cards as well.

More information:

Retailers Explore New Ways of Being Paid (NY Times)

PayPal Partners With MasterCard For Faster Growth (CNN)

With Plug-In, PayPal Looks for Expanded E-Commerce Reach (DigitalTransactionNews)

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