BRAND REVOLT™
From revolting to revolutionary

December 2007

Disposble credit crunch

There are already many consumer banks and credit providers enabling their customers to create temporary ‘virtual’ credit card numbers via web pages. Amid concerns of online security (and the risk of credit fraud) such systems enable shoppers to use temporary or ‘disposable’ credit card numbers online rather than using their own numbers.

Banks offering virtual credit cards online include Citi, MBNA, Discover Card, First Data Corp, Allied Irish Bank, Carte Bleue, Swedbank, Abbey National, Societe Generale, and Credit Lyonnais.  American Express recently announced such a service for its members. SEB, in Sweden, offers a service (for about €6) that let’s bank costumers create a personalized (in any name) disposable credit card - with a fixed pre-loaded value and time limit of one year. SEB promotes the product as a ‘present card’ - presumably encouraging people to give the card to others as a gift.

But there is still a big need for physical disposable credit cards that can be bought in kiosks or local shops. 3V Transaction Services appears to be the first to offer a disposable card, albeit one that must be 'ordered' online. They are teaming up with banks and Visa in Ireland, the UK and Germany to offer 3V Vouchers - pre-paid temporary credit cards. The downside is the need for would-be 3V users to pre-register online (giving name, date of birth and address details) and the subsequent wait for a physical card to be sent via post.

3V looks promising yet a big gap still exists - mass penetration of a product that is very easy to buy and use. It should be no different to a pre-paid calling card, requiring little by way of pre-registration or limitations.

The potential use extends well beyond online commerce. There are many other potential users and places: concerts, sporting events, developing countries, war zones (perhaps), travelers, and maybe even just to carry in case of emergencies.

Anyone out there interested in creating a new product and brand concept? Get in touch: hira@brandrevolt.com

© Copyright Hira Verick, Sweden 2007