3V (payment solution)
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- For the courier company formerly known as 3V, visit TNT N.V.
3V is a payment solution marketed by Permanent TSB and Alphyra and is running in Ireland, Germany, Spain and in the United Kingdom. The system allows anybody over 16 years of age to purchase a "3V Voucher", effectively a Visa-branded debit card, for cash through a network of retailers. The value purchased can then be spent in any cardholder-not-present transaction until the end of the month following the month of issue.
To purchase a 3V voucher, it is first necessary to register online and receive an identification card in the mail. It was previously possible to pick up identification cards in retail outlets but regulatory considerations now prevent this.
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[edit] Security
The 3V system is geared towards security and ensuring customer safety. Customers can purchase the amount required in 3V credit and use it in several transactions. They also have the same reversal and chargeback rights as regular credit card holders in case of fraudulent use or failure of retailers to fulfill orders, and even when money is lost this way it is limited to the amount of credit purchased originally.
To increase security, the card number is printed onto the voucher issued from the retailer's terminal, but the expiry date and CVV of the virtual card are sent separately, either by SMS or email to the purchaser.
[edit] Advantages
- 3V now adds a €5 bonus to a €20 voucher which negates the charge and makes it free, although purchasers of higher amounts do not get this.
- Reduces a customer's exposure to online fraud, as it is limited in value.
- The VISA number and the CVV2 are transmitted separately, so they are more secure than a standard credit card.
[edit] Criticisms
- The surcharge of €5 per voucher purchased is a significant percentage of the small transactions that 3V is most used for.
- Vouchers are not sold to any value, only increments of €10 between €20 and €350. A charge of €2.50 is applied to redeem unused credit, adding to the cost of use of the card.
- The vouchers expire no later than three months after purchase, preventing purchase of a large amount of credit to use over a prolonged time.
- The vouchers cannot be used to make payments in face to face transactions, only over the phone, by mail, or on the internet.
- Vouchers cannot be purchased without pre-registering, which includes giving out more personal information than some customers are comfortable with, as well as preventing impulse purchases.
- Consumers have experienced problems registering on the 3v.ie website, which does not bode well for future website accessibility.
- Many of the locations listed as 3V retailers on the Irish website claim to have never heard of it, and machines in actual suppliers are often out of order for long periods.
