Virtual Card

The Virtual Card from MFSL is especially designed to give online shoppers the ability to pay for purchases without having to share their credit or prepaid card details with the merchant. A card number can be purchased in real time for multiple payments on the web or any other form of card-not-present transaction and used until the funds are depleted. This addresses the growing fraud problem affecting the electronic shopping market as the card can be loaded only once on purchase, once the funds are depleted the card is no longer valid. The card is available in GBP, EUR and USD, improving the value proposition to the consumer by offering competitive exchange rates for overseas purchases.

How Does it Work?

The shopper acquires a Virtual Card of the currency of choice. No physical card is printed or posted, only the necessary card information is provided to the consumer such as card number, expiry date and CVV code. The card can be purchased loaded with a specific amount (Possibly exact funds required for a purchase). Once the funds are used, the card is no longer valid and can no longer be used by a fraudster. These cards are issued by a bank and are accepted for electronic purchases wherever MasterCard or Visa are accepted. Virtual cards can be purchased using a credit card, bank transfer or another prepaid card product such as the Family or Teen cards either on a web portal or even via a simple text message improving the usability and speed of acquisition. In addition, Virtual cards allow for more anonymous transactions, as the history of transactions of the credit card or prepaid card will contain no reference to the web purchase but only show the transaction as a virtual card purchase. Balance enquiries and history of transactions are available via the web portal or SMS.