payclick.com.au
Although if Amazon and Google didn't manage to dethrone Paypal in this space, I wonder how Visa will approach the challenge.
I wonder why there hasn't been a credit card company that offered a version of this with the option to prepay or link to a bank account or existing credit card. That way people could shop online and merchants who are already set up to accept credit cards wouldn't have to modify their code to interface with yet another payment API. The credit card companies would still get money from the fees charged to merchants, and they could also earn interest on the balances users keep.
https://www.3v.ie/about_3V_vouchers.html
AFAIK, this was one of the first ever 'disposable' credit cards to come out. It's pre-paid - you get a new credit card number whenever you top-up. Great way to make a large, once off purchase (e.g. a new MacBook mmmmmm) that is over your existing card's credit limit.
This was one of the cheapest ways of turning my cash in my Irish bank account into cash in foreign countries. By loading up my Bank of Ireland credit card, I could withdraw cash from ATMs at Mastercard's exchange rate, and no other fees (or with no loss at all if in Euro). Since the cash advance isn't actually a loan, BoI doesn't charge interest on it. Unfortunately, the same trick doesn't work for most banks in other countries; almost every other bank charges interest on cash advances even when the bill is already paid, much less paid before due.
1. You click checkout
2. You are sent to your bank's website
3. You login
4. You get a screen that shows the amount you have to pay, you verify this
5. You get an SMS with a code that you have to enter
6. Purchase completed
The nice thing about this is that it's very quick and the seller doesn't get your credit card number; steps 2-6 happen on your bank's website. And there is no intermediary: it's just the seller's bank and your bank. There is nothing to set up, you just have to have a bank that supports it (almost all banks in the netherlands do) The nice thing for sellers is that chargebacks are not possible. This is a much saner way to do online payments.
WTFno. That's not a PayPal competitor. That's a way to guarantee that you spend money - a credit card company's wet dream.
So I have to go throught this BS reset every time, and whenever someone wants to steal my credit card, all they need is my mothers maiden name.
What irks me though is that visa knows this is a security flaw, I wish I had the paper to link the fully explains what isn't immediately obvious.
As someone who has a credit card only because I need one to pay for things online, this bothers me to no end. Get with it guys!
Visa is a financial giant within the credit card industry. I'm sure they have created a secure platform or they would be held liable for any mis-appropriated funds. Also, Visa would be aware of the fact that any bad press regarding a hacked platform would cause users not to use it. So I'm fairly certain they would have taken their time to implement a robust security design, even though you have misgivings about the .aspx URL.
Is payclick available to use outside of Australia? No. Australia is the first country to launch this new product.
Amazon and Google tried before, it will be interesting to see what approach Visa will take to dethrone Paypal.
(The comment was neutral, nothing aggressive)