Visa International and SCX Global this week launched a new payment product in Australia that provides a simple, safe and convenient way for consumers to purchase online everywhere that Visa is accepted, without the need for a plastic card or bank account.

Visa Virtual Prepaid provides an immediate and safe way to shop online or over the phone for consumers who may not have their own bank account or who may not choose to use their credit or debit card for purchasing online. The SCX Global Visa Virtual Prepaid, VCARD, is issued by Heritage Building Society and is the first of its kind in Australia. Visa Virtual Prepaid is an innovative addition to Visa’s prepaid products which give consumers the choice to manage their finances through a ‘pay now, buy later’ payment option.

Consumers pay their chosen amount for the purchasing value of the card, plus a small set-up fee, either at a participating retail outlet or online. Visa Virtual Prepaid can be activated when the consumer enters the account’s reference number (provided at the time of purchase) through a secure website hosted by the provider. Following registration, the consumer will receive a Visa account number. An expiry date and special three-digit security code (CVV2) are delivered separately and immediately either via email or SMS.

Bruce Mansfield, Executive Vice President, Australia, New Zealand and South Pacific, Visa International said Visa Virtual Prepaid makes it easy for everyone to pay bills and buy products and services on the internet. The arrival of Visa Virtual Prepaid gives people even more choice. Now you don’t even need a piece of plastic or even a bank account to shop online or to purchase over the phone, Mr. Mansfield said.

‘Visa prepaid cards are a new product platform in Australia that complement debit and credit cards and enable consumers to pre-pay an amount for later spending. Visa prepaid products are a popular way to maintain financial control, making it easy to keep a track of spending, monitor transactions and manage budgets."

"Importantly, account holders are generally protected in the event of unauthorized or fraudulent transaction," Mr. Mansfield said. Mark Williams, Regional Manager, Asia Pacific, SCX Global said SCX Global is the first Visa Virtual Prepaid provider in Australia and the fourth worldwide.

Source: Visa