Plus, using a virtual card helps protect your information in the event of a data breach (like the one at Equifax in 2017). One obvious benefit of using a virtual card like PayPal Key is that it offers another way to safeguard your payment accounts from fraudsters who want to steal your information.Īs more people shop and pay their bills online – and as EMV chip cards make point-of-sale fraud harder to pull off - cybercriminals have turned their focus away from brick-and-mortar stores, giving rise to so-called “card-not-present” fraud. Unfortunately, at this time PayPal Key can’t be added to other mobile wallets, like Apple Pay or Samsung Pay. It’s also compatible with Venmo (a mobile payment service owned by PayPal) and Google Pay (but only for online purchases). You can use PayPal Key at any online retailer that accepts Mastercard, including international merchants. It’s worth noting that only a small subset of users will have the option to use PayPal Credit with PayPal Key, but those who do will still be able to access the same promotional financing offers they normally would. The method you select is used to complete the transaction in the event you don’t have enough money in your balance to cover the purchase. If you choose PayPal balance as your primary payment method, you’ll be asked to choose another one as a backup. You can also complete purchases over the phone by providing your virtual account number and other card details. Use PayPal Key just like any other card you use to shop online.Save your card details to your browser if you want easy access.
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Select any linked payment method from your PayPal Wallet, including a debit or credit card, a bank account, your PayPal balance or even PayPal Credit (more on that later).Confirm your personal information, including your billing address and the last four digits of your Social Security number.If you are one of the lucky few, getting started with PayPal Key is simple.
To find out whether you have early access, check the PayPal Key setup page:Ĭlick “Set It Up Now.” If you see the following notice, it means you’re not eligible for the service (at least not yet): How does PayPal Key work?Īs a brand new product, PayPal Key isn’t currently available to all PayPal users, though it will be rolled out to more customers in the future. Tip: Because PayPal Key isn’t a traditional credit card, you won’t have to fill out a separate application or incur a hard inquiry on your credit report. The service doesn’t charge any setup or usage fees, either. – even if the merchant doesn’t accept PayPal as a payment method at checkout. PayPal Key also gives you the ability to shop at any retailer that accepts Mastercard – including those based outside of the U.S. It’s similar to the virtual account numbers issued by Eno, Capital One’s virtual assistant, or those generated by the Token app. PayPal Key is a virtual account number connected to your PayPal account that you can use when making payments online or over the phone.Ī virtual card such as PayPal Key hides the real details associated with your payment account, providing an extra layer of protection against fraud and identity theft while you shop. See related: Is PayPal safe? What is PayPal Key? Its latest service, PayPal Key, offers another way to protect yourself against cybercriminals the next time you click “Place Your Order.” Here’s what you need to know. Since its founding in 1998, PayPal has become practically synonymous with digital payments. That’s where virtual credit cards can come in handy. The digital payments industry has seen significant growth as the coronavirus pandemic accelerates the shift to online shopping, which makes it easier for us to get the things we need – safely and from the comfort of home.īut while contactless payments keep you safe from germ-laden credit cards and cash, shoppers remain susceptible to other kinds of danger online, including fraud.
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