Disposable Cards

Experienced shoppers are aware of the dangers lurking on the World Wide Web. The Internet has long been a breeding ground for fraudsters. They take possession of your money resources by reading your credit card/payment card information. You can protect yourself by making purchases and subscriptions only on sites with SSL protocol, but vigilance can let you down. It’s better to take a step towards the future and own innovation in banking like the Disposable card. If you don’t know what it is, how it works, and which providers provide the service? Then it’s time to push the boundaries of financial literacy with some new information.

What are disposable cards, and how do they work?

A disposable virtual card is a card that has no physical carrier. Its presence is looped solely in virtual space. Using a disposable card is legal. The principle is simple. The card has a temporary number which is removed after each subsequent transaction.

The primary purpose pursued by disposable cards is to protect the user’s data. The protection barrier is provided by hiding the actual card data during transactions.a

The money is withdrawn from the account during the payment for goods/services, but a temporary virtual card number is used. A new number accompanies each transaction because the previous one is automatically deleted. A new number accompanies each transaction because the previous one is automatically deleted. The disposable card’s application generates a new number. Such a tool provides additional protection and brings online purchases to a new level of security. This is especially important for those who are active internet users and constantly make a large number of payments online.

How does a refund with a disposable virtual card work?

Quite often, there are situations when the decision to buy has been made hastily. Or, by mistake, the wrong product was clicked.

Even if the payment has already been made, the disposable card service provider can track the transaction and return the funds to the user’s main account.

For the problem to be solved as quickly as possible, disposable and physical cards must be issued by the same provider. This way, the user will not waste time and nerves looking for someone who can help. When you contact the provider, you receive feedback with instructions on how to proceed. The step-by-step guide of the recommendations and the work of the technical support service will make it simple to receive a refund from a disposable card.

What purchases can I make with my Travelcard?

A one-time use card is helpful if the user is an active consumer of goods/services and makes regular purchases from various virtual sites. The card will allow you to pay for any product, with a few exceptions:

• A disposable card is not quoted in the case of subscription payments – Regular payments require proof of personal information and a permanent card number. The disposable card changes its number after each transaction, meaning repeat payments are impossible.
• Car rental payments, hotel reservations, and payments for hotel rooms – Such services require pre-authorization for the card-hold procedure. This term implies reservation of the payment amount for a certain period during which the acquiring bank is expecting the payment.
• Ticket purchases –  In some cases, you may be required to show the card from which the payment has been received, per electronic money regulations. A disposable virtual card can turn a ticket purchase into a real problem since it has no physical appearance and the number has changed immediately after the transaction.

In short, some payments do not allow a disposable tool as a means of payment. In other cases, using a disposable virtual card becomes a viable, secure solution.

Can a disposable virtual card protect my purchases?

Like any card issued by the Wallester service, a disposable virtual card offers purchase protection. If there is a problem with a purchase, verified users can receive protection under the chargeback scheme.

Chargeback is used when an item is damaged, has not arrived, differs from the description, or the seller was forced to close the business. The chargeback procedure involves sending a claim from the bank that issued the customer’s card to the bank that services the merchant.

The number of disposable cards is constantly changing, guaranteeing that the buyer’s data cannot leak out and be used by fraudsters. Even if the card number is copied, it cannot be used again in the future. It is difficult to reach a credit card linked to a disposable tool. Therefore, disposable cards become a severe asset in protecting the user’s money.

Why are single-use cards being introduced?

The introduction of disposable virtual cards is due to the need to increase the security level in the banking sphere. Fraud schemes are constantly growing and transforming. Modern technologies make it possible to create solutions that can quickly and easily read information and data on payments that pass within the network.

According to statistics, Great Britain is considered the leader in financial fraud schemes. The level is constantly growing, forcing us to make decisions to improve the security of card usage. The card number consists of 16 digits. Thus, the time limit of disposable instruments is close to 800 years. After this time, the algorithm for generating new numbers will no longer do the job. The reserve of possibilities for number renewal and the very system of disposable cards operation allows us to conclude that the prospective scheme will let us fight against fraudulent constructions, providing sufficient time for developing new levels of protection. The use of a disposable virtual card cannot be considered a panacea. Every time the user uses the card, they must be cautious. Checking site security protocol (SSL), bank statements, and credit ratings will help detect atypical actions and prevent the loss of funds.

Benefits of single-use cards

There are several significant benefits of disposable cards:

• They have no physical form, so it is impossible to lose or steal the card
• The absence of a PIN code eliminates the need to keep extra numbers in mind
• The use of the card is free or several times cheaper in comparison to a physical card
• Secure online payments – a higher level of security by changing the card number after each transaction
• It takes several minutes to create a card
• The user can control and refill the card via the application (available on Android and iOS)
• They include no user data, which makes it impossible for dishonest virtual venues to collect, store, and transfer information to third parties.
• You can create up to five (six, depending on the provider) cards per day
• Replenishment of funds only by the amount necessary to pay for goods/services, so the online merchant will not be able to withdraw more than the declared value
• Purchase protection by the chargeback scheme.

In addition, disposable virtual cards have a wide range of uses. The only exceptions are a few situations where regular withdrawals are required. In case of withdrawal problems, the user can always request a refund. The provider’s technical support assists as soon as possible.

Why do I need a one-time card?

The misconception is that the most common fraudulent scheme is ATM card reading. CNP transactions are considered the leader. Card Not Present is a transaction that does not involve the card being present to be read at POS terminals or other devices.

It’s not difficult to guess that such transactions include:

• Any internet payments
• MO/TO transactions (transferring card data via e-mail, phone, fax)
• Recurring payments (regular payments)

Fraudsters enter as intermediaries between the buyer and the seller, copying the bank account details. Having collected the necessary information, they can easily spend funds from the card without the cardholder’s knowledge. The disposable virtual card neutralizes the scheme because even if the number is read, the fraudsters won’t be able to do anything with it later.

Do single-use cards have a limit?

To have the privilege of becoming a disposable virtual card holder, a user must meet several criteria:

• Depending on the provider – a certain account status (Premium, for example)
• One card – one account
• Five (or six) maximum numbers and, consequently, the number of daily transactions.

The best solution would be to transfer the amount you need for online shopping or paying for goods or services to the card. After the transaction number changes, the card is updated in seconds.

Providers of disposable virtual cards

Among the providers who offer disposable virtual cards, six companies turned out to be the most reliable and verifiable. Each has its list of criteria, requirements, and conditions for the tool.

Wallester

An Estonian company offers two products: white cards – to create your brand, the image of any small businesses, and black cards – designed to serve corporate clients.

Wallester will offer a complete package of innovative solutions for the creation and management of cards:

• the ability to freeze assets
• virtual card creation
• completion of disposable instruments
• creation, change of PIN codes
• completion of transactions from any wallet (Google Pay, Samsung Pay, Apple Pay)
• tokenization with Google Pay, Samsung Pay, and Apple Pay virtual payment systems
• a simplified card issuance process
• scalability of business, simple and easy management of processes
• high-security level due to redundancy functions, emergency switching, and PCI-DSS certification compliance.

Wallester will be the perfect guide to the world of visas. Physical cards with wireless payment capabilities will be the exact resource to which a disposable tool is tied. Getting disposable cards doesn’t take more than a couple of minutes. You can create, manage, and delete disposable virtual cards in a unique app. The app is available for installation on your device, regardless of the operating system (Android and iOS).

Revolut

Revolut will help you get disposable virtual cards even if the user’s current bank does not have this option. There are a few simple steps to get a disposable virtual card. After opening an account and downloading the app, an intuitive interface will guide the user through the following steps. To get a one-time tool, the user must have Premium status. After registration, you can make online purchases in any store which accepts VISA cards.

ecoPayz

This service allows you to issue disposable virtual cards in multiple currencies (euro, sterling, and dollar). Disposable cards are issued in an app that can be installed on any digital device after processing the account. To be able to sign up for a one-time card, you must register for Silver ecoAccount, which costs €1.8 per month. The service is available for Europeans but is not yet available in the U.S.

NetSpend

A card provider that allows you to generate six numbers a day with the ability to cancel each subsequent number at any time. The one-time tool can be used at any store that accepts VISA cards. Several plans offer monthly payments, pay-as-you-use, and free features.

Citi Cards

Disposable card tools are available to all Citi card users. You can view card settings and features in the app, and all transactions are displayed in the system. In addition, the disposable card’s dollar limit and expiration date can be set in the app. You can also close the card within the app.

Capital One

The option to create a one-time virtual card is available to all cardholders. Assistant Capital One is available in Mozilla Firefox, Google Chrome, and Microsoft Edge browsers. You need to click on the extension button to get a virtual card. It will also redirect the user to the service site. It is possible to control, create new, and block unclaimed tools on the official resource. The positive aspect of using Capital One is the ability to create a card in a few seconds to make online payments.

Disposable virtual cards are becoming one of the most popular services provided by financial institutions. Additionally, the number of providers delivering the service is also growing.

For example, pioneering companies like Wallester are improving their applications, offering their clients innovative solutions, new schemes, and products. The safety of money savings is a quality that becomes fundamental when choosing a financial partner.