Only four years apart, both American companies have worked hard to gain their worldwide success and keep up with latest technologies, which inspired them to create virtual prepaid cards as an addition to plastic ones. Considering MasterCard and Visa process payments between banks, they hold more affinities than differences depending on a bank or online payment system, and offer comparable benefits, which are transparent, once a user takes a closer look at the variety, existing today.
Fees for services
Advance Cash MasterCard is available for instant creation at the rate of just 1 USD or EUR, which, however, doesn’t include 1+0.99 USD/EUR funding. Still, the card requires no monthly or annual fees and, additionally, there is 0% for USD or EUR transactions, on the other hand the currency exchange fee is 2.95%, and the card reissue costs 9.99 USD/EUR.
Mycard2go prepaid Visa virtual card offers a free Go option, and consumers won’t need to pay for the card production if it is opened based on the primary plan, but there is a 0.50 EUR monthly fee for consumers who choose limited or ultimate alternative. Although SMS balance check for Go plan is free, it is 0.15 EUR for exclusive and VIP offers, and the account is activated automatically after 10 EUR upload. Transfers from one Visa card to another, also known as ‘go to go’ are quite costly, with a price of 50 EUR per transaction, thus, planning regular payments to other Visa holders, the users may opt for 2000 EUR a year as a better solution.
OKPay MasterCard prepaid virtual debit card service doesn’t charge its users for registration or annual payment with a great flexibility, and should something happen to the bank account, the recovery will cost 10 EUR. However, the platform charges 4%+7 EUR for outgoing Visa and MasterCard payments, 15 USD for a card order and the other transaction fees depend on a bank or electronic wallet, and usually start at 2%.
Mango Visa virtual prepaid card is one of the cheapest, including available direct deposit and free registration and activation process, and it is the most cost efficient for the consumers, willing to transfer over 500 UDS a month, since there is no fee required. Nevertheless, the platform charges 5 USD for smaller transactions.
MOVO® Digital Prepaid Visa® Card is free and doesn’t require service charges, registration fee or payments for domestic purchases. All incoming and outgoing transactions are free, and the cards are generated when there is a need for a purchase with an aid of MovoCoin®.
Through e-wallet Advance Cash MasterCard offers a variety of transfer options, including electronic currencies, such as SWIFT/SEPA, Perfect money, Bitcoin, OKPay, Payeer and more; additionally, after the registration, up to four mediums of exchange are available for each user.
Mycard2go Visa offers a number of foreign currency payments, including Indonesian rupiah and New Zealand dollar, without charging any extra, which makes it one of the most popular virtual solutions in Germany, with euro foreign exchange rates being updated daily.
OKPay Virtual MasterCard provides its users with several digital currency options, such as Bitcoin, Dogecoin, and Litecoin, and a list of existing and necessary fiat currencies of their choice. However, the verification process lasts up to 7 days and can be reduced to 4 hours only if the consumers decide to pay an extra fee. Mango Visa Virtual card offers 12 different multi-currency payments, and the users are able to load cash to their accounts with PayPal or bank transfers from physical credit cards, both options available free of charge.
MOVO® Digital Prepaid Visa® Card works with popular currencies including their own product, MovoCoin, nevertheless, Bank-to-card transfer is time-consuming and may take over 5 business days, the amounts for family or friends can also be sent through social media, such as Facebook.
Advance Cash platform is equipped with distributed worldwide data backup system, several steps of authentication, and a safe database encryption. The security system is also enabled with a payment password, a code card, intelligent identification, SMS authorization, and is tied up to IP. Mycard2go Visa card also offers one time generated passwords and requires login and is anonymous for safety of payments, and the credit card status may always be seen on a digital screen display.
When it comes to security, OKPay Virtual MasterCard is rated as one of the most reliable services, since consumers receive one temporary card number that is not valid after the use, thus, should the hackers learn the number, they won’t be able to use it, and generating the next card number is free. Mango Visa Virtual card maintains monitoring of online transactions to avert fraud, with all the information being uploaded to a mobile device through a special Mango Money App.
MOVO® Digital Prepaid Visa® Card provides safety to its holders, using the detailed process of verification, where the consumers need to verify their bank account details to authorize the transaction. The system also requires an email and a correct mobile phone number before the money can be transferred to another account.
Considering the fact that funding limits of virtual cards usually differ from physical ones, maximum for Advance Cash MasterCard is 500 daily, and up to 2,500 USD or EUR monthly, if consumers prefer to stay anonymous. Using ID cards, holders are able to transfer up to 10,000 UDS/EUR every day, which is also a limit for funds transfers.
For mycard2go maximum go2go weekly transfer is 500 EUR with a monthly limit of 1,000 EUR and 2,000 EUR per year, which is suitable for medium transactions.
Depending on business size, OKPay offers monthly transfers from 10,000 UDS to over 50,000 USD, and the currency can be changed for the transparency and convenience of payment, although such payments may be inefficient for personal use. Mango Visa Virtual card allows the upload of 5,000 USD; however, the daily transaction should be 2,500 USD or less. Additionally, the company encourages big payments, and offers the discount to customers wishing to save money using their Mango account or application.
Maximum balance of MOVO® Digital Prepaid Visa® Card can reach 4,000 USD that can be reloaded after spending, as an addition to a plastic Visa card. Adding money to the virtual card costs consumers 2.9%+0.30 per transaction.
Cash back and rewards
The chargeback for Advance Cash MasterCard is 5%, and it is the same for both virtual and plastic versions, and the digital card expires only three years after registration, making it as convenient for holders as its equivalent. Mycard2go prepaid Visa Virtual card offers 4% cash back for a number of purchases along with 1 EUR per bank transfer when it comes to limited and ultimate plans, however, basic go plan does not require it.
For OKPay Virtual MasterCard holders there is a 0.55 EUR refund for all incoming Visa or Mastercard payments without the compensation of processing fee, without any extra cash back available. Mango Virtual Prepaid Card platform is friendly to its users and offers 10 USD rewards under the condition of introducing their friends to the world of Mango platform: once new consumers deposit a certain amount to their account, 10 USD is sent to a loyal customer.
The cash back for MOVO® Digital Prepaid Visa® Card depends on the primary virtual or physical card launcher and, therefore, is unclear. Nevertheless, most of transactions are free, which can make it attractive for consumers.
Both Visa and MasterCard are respectable and equal companies that have earned consumers’ trust and respect over the years. The virtual cards introduce a new secure way of online purchases and payments to customers, offering anonymity or variety of digital and fiat currency options, when it is necessary. However, it is useful to keep in mind that personal information should be provided for huge transaction amounts, therefore virtual cards are to be taken as seriously as their plastic analogues.
Title: Virtual Visa and MasterCard cards: comparing the key features and looking for the best option