What Prepaid Cards

This month sees the launch of a new way to spend on the internet. We have recently seen the introduction of prepaid cards in the UK, but here come prepaid vouchers.

So, what are prepaid vouchers, and how do they work?

Prepaid vouchers or “virtual” cards as they are more commonly known have been available in the UK for a while. But, they have never been widely accepted, as were not VISA or MasterCard branded, and were generally for specific retail stores or group of stores (much like a store card).

However, things are about to change in the UK with the arrival of the new 3V vouchers issued in association with VISA.

The new 3V vouchers can be used on the internet worldwide, wherever VISA credit or debit cards are accepted. They are exactly the same as a VISA prepaid card, but without the plastic! Given they are pre-paid with your own funds, no credit check is required, making them very easy to obtain. Once you have registered on the 3V website, you will receive a 3V Customer Identification Card. This can then be used to get prepaid VISA vouchers at any payzone participating retailer. You can buy 3V vouchers in denominations of £10 from £20 up to £200 and you can make as many purchases as you like with a 3V voucher as long as you do not exceed the available balance.

The following describes the process:

 

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