Postbank and MasterCard launched a virtual card for online payments with maximum security. The card issued by Postbank will allow customers to make payments to all online merchants who accept MasterCard globally. The virtual card allows online transactions including shopping on the Internet, booking hotels and flight tickets thus offering certain credit card features. The card can be loaded with funds from a secondary account through the bank's e-banking, periodical payments, ATMs and others, giving cardholders increased security by allowing them to transfer the exact payment amount to their virtual card immediately before making a payment.
The card will be available to customers without a regular income as it does not require income verification or credit checks. Cardholders will only be able to spend the amount they have in their accounts and will need not worry about over limit fees, late payments, etc. The virtual card can be bundled with a physical debit card MasterCard Standard and an e-banking service. Cardholders will receive a plastic card with a unique design that carries the necessary information to make a payment. The plastic card's innovative design allows it to split into two parts - one carrying the card number, the other carrying the CVC code, which are to be kept separately for additional prevention of fraud in case of loss or theft.
Transactions with the virtual MasterCard are free of charge. The card allows payments of online products and services offered by all Bulgarian and international merchants and service providers where MasterCard is accepted. Customers can also purchase financial instruments via the Internet, make hotel and flight reservations, pay orders by post or telephone and receive money on the card.
"In 2009 online payments in Bulgaria have risen by 23%. Online shopping is gaining increasing popularity and by launching the new virtual card we are giving a whole new group of our customers the opportunity to take advantage of the numerous products and services the Internet offers them with maximum security", said Anthony Hassiotis, Chief Executive Officer, Postbank.