PayPal Key: 6 Things to Know About this New Virtual Card Creator
PayPal key have been of a great sustainable help for those that are in need of virtual credit card. This PayPal key helps people who don't know how to get a virtual credit card to have one with just some few clicks and freely just with their PayPal account.
PayPal Key is a service from PayPal that randomly generates a virtual credit card that you can use online for any purchase on any website. On the internet, you won't need to see a PayPal button before paying with your PayPal account. You just use the PayPal key which is in the form of a virtual credit card with the Credit card number, CVV and Expiry date which is a virtual randomly generated virtual card that you can use online without thinking of theft of your identity.
So you can see how important it is to have a PayPal key but still, today, I will highlight you on 6 fact to know about this PayPal Key. But before, you can equally checkout our virtual credit card tricks and how to get free virtual credit cards.
What is a PayPal Key?
PayPal Key is a virtual card and a new way to use your PayPal account anywhere cards are accepted online. You can use PayPal Key like a card at any online merchant that accepts MasterCard – even those that don't have a PayPal button.
PayPal Key is powered by MasterCard and the virtual cards issued by PayPal are MasterCard.
Being unavailable in any other country except for the USA, PayPal Key will be soon available for other countries and will be widely spread in some countries in the nearest future as announced by PayPal o their official support page.
How to Setup my PayPal Key
Being a really big and important section on its own, we have made a separate section for this where you can read and get the card freely without issues. Click here to go to this section that shows you how to setup a PayPal Key and get a free virtual card that you can use online on any website.
Things to Know About PayPal Key Card Creator
Below, we have highlighted 6 points that you should know about PayPal key which is powered by MasterCard and issued by PayPal. These tips are really important to note before you create your own PayPal Key. Check them out below;
- PayPal Key keeps your real card information safe
- Where PayPal Key Can be used
- No Application to fill or submit is required to get a PayPal Key
- PayPal Key can be used as a Browser Extension and Select Digital Wallet
- Regular Credit Card rewards can still be earned.
- PayPal Key is NOT the same a PayPal Security Key (Completely different)
1. PayPal Key keeps your real card information safe
PayPal Key is a virtual card creator, which means that it produces a random credit card with its credit card number, expiration date and security code. The aim of this is to hide your real credit or debit card information in order for malicious website not to collect your real card info for their personal ambitions.
To use the PayPal Key, you will need to have a PayPal account. Don't know of PayPal? Don't worry, this is a brief description on PayPal. PayPal lets you to send and receive money from individuals, as well as upload banking, debit or credit card information to make protected purchases with online merchants.
2. Where can PayPal Key be used
The use of this Key is very wide. It can be accepted on any website that accepts credit card payments and can also be used on websites that don't have a PayPal button for payment or something similar.
Since this PayPal Key is powered by MasterCard, you will not be required to use it just where PayPal is accepted but rather, you can use the PayPal Key on any website that accepts payments through MasterCard.
This condition implied to all transaction types which can be U.S.-based and non-U.S. transactions, though you may be subject to foreign transaction fees with the latter. That is why it is always important to check the settings on your PayPal Wallet account and the policy with your actual credit card (not virtual because he virtual is issued by PayPal and virtual represents your PayPal account) before making a foreign transaction.
Virtual cards also can be used for contactless payments through digital wallets in select brick-and-mortar stores.
3. No Application to fill or submit is required to get a PayPal Key
It is sure you will receive access to unique credit card numbers specific to individual online transactions, but you are not actually applying for a new virtual card.
That means you won’t have to fill out an application form, nor is there a fee to use for the PayPal Key.
That said, your PayPal Key transactions will be reported to credit bureaus (just like any credit card transactions), but key cannot be used to build credit.
4. PayPal Key can be used as a Browser Extension and Select Digital Wallet
The PayPal Key card can be integrated within your internet browsing history and digital wallet ecosystems. Which means, on some browsers, this PayPal key can be stored in your Browser as an extension in order to easily use it when required or when need.
MasterCard is accepted online in many merchant websites. In that faith, you’ll also have the option to integrate the PayPal Key into the following web browsers for easy access at the virtual checkout counter:
- Apple Safari
- Google Chrome
- Microsoft Internet Explorer
PayPal Key also can equally be used with the Venmo and Google Pay platforms.
Also, it is important to note that this PayPal Key is not available on Apple Pay or Samsung Pay.
5. Regular Credit Card rewards can still be Earned.
IF you are someone that receive rewards and cashback online in your PayPal and you are worried that the Key will hinder you from receiving your rewards, then fear not. You will continue receiving your full reward and earnings even with the PayPal Key.
On their official support page, PayPal mentions it clear that you can receive payments over your cash rewards using your PayPal Key just as you use a card attached to your account.
If you wish to get rewards using your PayPal Key, then select the PayPal Key as preferred payment method for your rewards during setup.
6. PayPal Key is NOT the same a PayPal Security Key (Completely different)
Though these two names are very similar, PayPay Key and the PayPal Security Key are two completely different things.
The PayPal Security Key is a small electronic device that generates a unique security code for verification of your PayPal account every 30 seconds.
The PayPal Security Key sends you a temporary security code via SMS that you enter in addition to your password to log in to PayPal. This PayPal security Key acts like an additional layer of security for PayPal accounts
Take note of these two PayPal features and note that they aren't the same and don't represent the same purpose.
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Conclusion (Final Thoughts)
When it comes to Finance, it is always important to take the best measure to secure funds in our accounts. There are always some bad guys out there who want to steal your information by implying several methods used in cyber theft such as spam, crack, hacking in order to get your information for their personal need.
PayPal just made things easy by bringing this feature PayPal Key which helps users use randomly generated virtual MasterCard which can be used on most websites on the internet which accepts MasterCard.
As earlier mentioned, PayPal is bringing this feature to other countries due to the account theft and spamming that goes on and they intend to serve all their customers equally.
If you are located in the US, then I will advise you to go in for this method and get a PayPal Key that you can use securely online. If you are not in the US, then wait patiently for PayPal to bring it to your country.
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