UK Money News
5th August 2008
PayPal launches pre-paid credit card
Online payments provider PayPal has announced the launch of pre-paid credit card to enable users to exercise more control over their spending.
The card is available now and can be used in high street stores and for online purchases.
It works by enabling users to pre-load the card with money but will not allow them to exceed this pre-determined amount.
Carl Scheible, managing director of PayPal UK, said he expects take up of the card to be strong among people who want to buy goods online but are fearful of potential security breaches.
He commented: "We know that less than a quarter of online shoppers feel secure about entering financial details when shopping online. Our new card will give PayPal customers more confidence to shop online with retailers that don't currently accept PayPal.
"Security is at the heart of everything we do, and the card will be protected by Chip and PIN."
The card can be topped up online via PayPal as well as at participating retailers.
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