Financial Services Industry
Industry: Email Alert RSS FeedPayPal Tests Virtual Debit Card
Credit Union Journal, The, July, 2006
PayPal is test-piloting a MasterCard-branded virtual debit card that could expand the number of merchants accepting its payments. JPMorgan Chase & Co. issues the card, and First Data Corp. is the transaction processor, according to PayPal, a unit of eBay. The card only exists in electronic form, using technology supplied by New York and Dublin, Ireland-based software firm Orbiscom, Inc.
The card's purpose is to enable PayPal stored-value account-holders to use their PayPal funds to pay for purchases at online merchants who do not accept PayPal but take MasterCard. A card user must have funds in a PayPal account and can then download software from PayPal's website. When the user visits an online merchant, the user is asked if he or she would like to use the PayPal virtual...
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