How does privacy.com work?
Privacy.com is similar to PayPal in its nature of operations. When you use PayPal to pay online, money is debited from your bank account, credit card, or debit card and passes through the PayPal system, and in the end, goes to the seller. The same thing happens on privacy.com. The only difference between the two services is that when you use privacy.com the system generates a unique set of payment details including virtual credit card number, expiry date, CVV code, and cardholder name while at PayPal you use your email address and password. The privacy.com offers you two types of card, single-use virtual card, and repeatedly used virtual cards.
Signing up on privacy.com
Creating an account on the platform is similar to creating an account on any other payment processing website. You enter your active email address and set a password that you can remember later. After hitting the signup button, you receive an email from the company to verify your provided email address. That’s it.
How to create a virtual credit card
To create a virtual credit card on the platform, you need to connect your billing source, it could be a debit card or bank account. Once you are done connecting payment source you will be allowed to create virtual credit cards for your online shopping. When you log on to privacy.com you will see the “My wallet” section on the left side of the screen. In this section, you will find all the cards you will create. Click on the “New Card” and give it the name of your choice. This is a cool feature. You can use the name and logo of the famous vendors on your virtual card to remember which card to use on which platform. Now is the time to choose the spending limits. Every card you create comes with a per transaction, monthly, or annual spending limits. By default, you will find a $100 monthly limit which can be changed according to your requirements. Also, there is a slider that allows you to activate a one-time use or multiple-use option for your virtual card.
Security on the privacy.com platform?
The company claims that it complies with the PCI-DSS standards. These standards are the most reputed in the banking and finance industry. Also, Password-based key derivation function 2 (PBKDF2) helps hash the password by iterating it one hundred thousand times. The hashed passwords are slated to make it harder to guess the actual password. The website uses TLS and HSTS protocols and internal communication is encrypted with AES-256. Moreover, you can activate two-factor authentication on the platform to add an extra layer of security. This means that you will not be able to generate a card unless you put a one-time code you receive on your registered mobile number.
What is the cost of using privacy.com?
The company offers free of cost and paid services on its platform. Privacy.com keeps your data secure and safe as well as helps you save money as well. The company cut their fair share from the interchange fees that vendors and online stores pay to Visa and banks. Also, the platform offers two premium plans for pro users. The details are given below:
The $10 individual plan
In a free plan, you can generate 12 virtual cards, but with a premium plan, you can generate 36 cards monthly with priority customer support. Also, you can get 1% cash back after spending $4500 using privacy.com generated cards.
The $25 team plan
This plan allows you to generate 60 cards a month along with account management support.
Why should you use the services of privacy.com?
If you use your credit card on an online store, then there are chances that the hacker may steal your credit card details, but if you pay using privacy.com generated virtual card no one else can reuse your financial information because once you use the card, it doesn’t exist anymore.