3V is a payment solution marketed by Permanent TSB and Alphyra in Ireland(although currently there is currently a Pilot Scheme in Liverpool in the United Kingdom and also another running in madrid in Spain). The system allows anybody over 16 years of age to purchase a "3V Voucher", which is 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. The Irish Life and Permanent is a financial institution in the Republic of Ireland created in 1999. ... Liverpool is a city and metropolitan borough in North West England, along the eastern side of the Mersey Estuary. ... Location Location of Madrid in Europe Coordinates : 40° 23’N , 3°43′0″W Time Zone : CET (GMT +1) - summer: CEST (GMT +2) General information Native name Villa de Madrid (Spanish) Spanish name Villa de Madrid Founded 9th century Postal code 28001-28080 Area code 34 (Spain) + 91 (Villa de... Visa is a brand of credit card and debit card operated by the Visa International Service Association of San Francisco, California, USA, an economic joint venture of 21,000 financial institutions that issue and market Visa products. ...

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.

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. A chargeback occurs when a merchant is required to issue credit to a cardholders account. ...

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. The Card Security Code (CSC) a. ... SMS arrival notification on a Siemens phone Short Message Service (SMS) is a service available on most digital mobile phones (and other mobile devices, e. ... E-mail, or email, is short for electronic mail and is a method of composing, sending, and receiving messages over electronic communication systems. ...

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.

ISO 4217 Code EUR User(s) European Union; eurozone: Austria, Belgium, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain; outside eurozone: Andorra, Monaco, San Marino, Vatican City, Montenegro, Kosovo, French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique, Mayotte. ...

External links

• 3V official page (Ireland)
• 3V official page (UK)
• 3V official page (Spain)

Positives for 3V

Reduces a customers exposure to online fraud as it is limited in value

The VISA number and the CVV2 are transmitted seperately so they are more secure than a standard credit card

They are available everywhere and accepted everywhere

According to 3V the average load value is in excess of €100 so it good value given there is no interest charges,no stamp duty,no card issuance fees etc,etc

A customer can always get their money back at any time

°It's available to customers aged 16 plus, unlike most credit cards which are 18 plus