The Computer Revolution/E commerce/Electronic Financial Transactions
Virtual Account Numbers
One of the main concerns with e-commerce is security issues, especially for consumers paying with credit cards. Many consumers are afraid that their credit card information may be stolen by hackers. To help consumers with this concern, many credit card companies are offering virtual account numbers to their customers. Virtual account numbers are disposable numbers linked to your account that can be good for only one transaction, or until you cancel the number. These numbers can't be used for transactions such as hotel stays, where you have to physically show your credit card for the final purchase.
These are sometimes referred to as e-wallets offer customers a convenient way of storing information such as online payment account information, credit card information, website passwords, shipping and billing information etc., that is needed on a regular basis. Digital wallets are available as both stand-alone programs and online services. The information in Digital wallets are protected by a password and the necessary checkout information is transferred either manually or automatically to the online order form, as it is needed.
Digital wallet programs are available for both conventional personal computers and mobile phones; an iPhone digital wallet. Some digital wallets include a feature that automatically supplies information such as username and password whenever that information is needed for sites that the user specifies in the digital wallet program. Some digital wallets include a feature that automatically supplies information such as username and password whenever that information is needed for sites that the user specifies in the digital wallet program. Other digital wallets include a menu option to copy the appropriate information such as a credit card number or shipping address to the appropriate location on a web form as needed.Last modified on 6 August 2012, at 07:24