US-based SafPay has introduced Virtucard, a cash-based virtual mall card that reportedly gives online merchants a secure and cost-effective online payment alternative to credit cards.
The company said that Virtucard eliminates charge-backs and guarantees all funds to the merchant while providing a safer and more private shopping experience for the consumer. Consumers can shop anonymously at Virtucard merchant stores, as if they were using cash, and prevent personally identifiable information from being disclosed, added SafPay.
Consumers fund their free Virtucard account for up to $1,000 directly through their bank’s online bill payment system as if they were paying a bill. The bank’s trusted third-party processors handle the transactions, which means neither SafPay nor the merchant have access to the consumer’s checking account information. As a result, merchants are free from the added risk of handling sensitive financial information and the consumer’s financial assets are not at risk when they shop online using their Virtucard, maintained SafPay.
George Ouzts, CEO and founder of SafPay, said: We specifically targeted merchants who were considered high-risk by credit card processors as early adopters. They enthusiastically embraced Virtucard because it was a win-win for them and their customers.
