Today I came across a press release covering NETTELLER's recent introduction of their virtual card product. The product allows consumers to generate one-time use Prepaid MasterCard accounts for for Internet purchases. It is a pretty neat way to keep your primary account safe from potential fraud.
If you're a Program Manager interested in adding this feature to your product line, your issuing bank will be required to submit a Special Issuer Application to MasterCard requesting approval for a Remote Transaction Account program.
What is a Remote Transaction Account?
"A Remote Transaction Account entails the issuance of a MasterCard account number, an expiration date, and CVC2 with the option of receiving a physical MasterCard card. This account number may be used for remote transactions such as Internet or mail order/telephone order purchases."
Section 5 of MasterCard's Special Issuer Application lists the following requirements:
- Remote Transaction Account must be linked to an existing
physical MasterCard card, or the Remote Transaction Account
account holder must be provided with the option to receive a
physical MasterCard card. - A Remote Transaction Account must include
- 16-digit account number
- Expiration date
- Assigned CVC2 value
- Determine how the account number, expiration date, and CVC2
will be communicated to the account holder.
Keep in mind a Remote Transaction Account program is typically associated with an existing Special Issuer Program. Be clear when planning with your issuing bank and they should be able to guide you through the product development cycle with ease.
Stay tuned for details on my experience with my new NETTELLER account!
