TranzAxis Virtual Prepaid Cards
Online payments have become ubiquitous for millions of people and in turn CNP fraud is now also one of the top concerns for the industry. To reduce the risk of compromising the details of the main card/account, experts recommend using virtual cards that contain all the requisite details yet remove the majority of fraud concerns. The customer can set various limits in terms of the number of transactions and the total spend allowed. After usage the limits can be brought down to zero so even if the details were compromised, the cardholder suffers no financial loss.
With TranzAxis Virtual Prepaid Cards the process of card issuance is completely automated and done in online mode. The customer can choose between different currencies for their card, activate an SMS notification service to receive instant messages for every transaction, as well as enable their Personal Profile that allows the customer to manage their card, change limits, block/unblock the card, check transaction history, receive bank statements and, based on templates, make payments with this card for mobile services, Internet access and other utility services – all of which can be done over the Internet. This eliminates the problem of how to use the balance leftover on the prepaid card, if not all of the funds available were spent.