3V (payment solution)

:"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.

ecurity

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.

Advantages

* There is no purchase fee for €20 Vouchers.
* Cheaper than many of its competitors.
* Reloadable.
* You do not need to pass anti money laundering checks to use it.
* Can be loaded up to a value of £200 or €350.
* 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.
* The vouchers expire no later than three months after purchase, but the value can be transferred to a new free voucher and used over a prolonged time.

Criticisms

* Vouchers are not sold to any value, only increments of €10 between €20 and €350.
* There is a purchase fee of €2.50 for vouchers with values between €30 and €100. There is a purchase fee of €5.00 for vouchers with values over €100.
* A charge of €2.50 is applied to redeem unused credit.
* A charge of €2.50 is applied to transfer funds from one voucher to another.
* 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.

External links

* [https://www.3v.ie 3V official page (Ireland)]
* [https://www.3vcash.com 3V official page (UK)]
* [https://www.3vcash.es 3V official page (Spain)]
* [https://www.3vcash.de 3V official page (Germany)]