PayPal Key was officially launched by PayPal in October 2020. This service allows users to generate unique virtual card numbers for online purchases, providing an extra layer of security for their transactions.
Since its launch, PayPal Key has become a popular option for users who want to make online purchases without revealing their actual credit or debit card information.
This service is highly praised for its security features, ease of use, and flexibility. Some users also appreciated the ability to set spending limits and control their online transactions more effectively.
How Do I Set Up My PayPal Key?
PayPal Key is a virtual card allowing users to make online purchases without revealing their credit or debit card information. It can be used at any merchant that accepts Mastercard and is linked to the user’s PayPal account. Setting it up is found under the “Tools” tab from the account dashboard.
With PayPal Key, users can create a unique card number, expiration date, and security code for each purchase. That allows them to keep their card information safe and secure, even if the code gets compromised during a transaction.
PayPal Key also allows users to set spending limits and restrict purchases to certain merchants or categories, giving them greater control over their online transactions.
To set up a PayPal Key, you can follow these steps to have a successful experience.
- Log in to your PayPal account.
- Click on the “Tools” tab, then select “PayPal Key.”
- Click the “Get Started” button.
- Choose the card type to link to your PayPal Key account, including debit or credit cards.
- Follow the on-screen instructions to link your card to your PayPal Key account.
- Set up your spending limits to help you control how much money can be charged to your PayPal Key.
- Create a virtual card number by clicking the “Create Card” button.
- Use the virtual card number to make online purchases at any merchant that accepts Mastercard.
PayPal Key is only available to users with a US PayPal account, and fees may apply for certain transactions. Please review this feature’s terms and conditions before using it to ensure no surprises occur.
How Do I Use a PayPal Key Virtual Number?
To use a PayPal Key virtual number, you’ll need to first log in to your account and navigate to this service.
Click “Create Card” to generate a virtual number.
When you’re ready to make an online purchase, enter the virtual card number, expiration date, and security code provided by PayPal Key as your payment method.
Once you’ve entered the necessary information, confirm the purchase, and wait for the transaction to finish processing.
The virtual card number provided by PayPal Key is a unique card number that is only valid for a single transaction, which helps to protect your actual credit or debit card information. Once the purchase is complete, the virtual card number expires and can’t be used again.
This feature is only valid for online transactions. It cannot be used for ATM withdrawals or in-person purchases.
Some merchants do not accept virtual card numbers, so please remember to check with the website before buying something with PayPal Key.
Does PayPal Key Work for Amazon Transactions?
PayPal Key can be used for Amazon transactions. When inputting the digital information from the account, you’ll need to choose Mastercard as the card type.
After logging into your Amazon account, add the items you want to purchase to the shopping cart. At the checkout screen, enter the virtual card number, expiration date, and security code generated by your PayPal Key account.
You can complete the checkout process from there, confirming your purchase.
Amazon could have its own terms and conditions regarding payment methods, so make sure to review them before using PayPal Key for Amazon purchases.
What Happens If PayPal Key Is Unavailable?
If PayPal Key is unavailable, you may need to use an alternative payment method for your online transactions.
It’s crucial to have multiple payment options available in case one method is not working.
You could use your actual credit or debit card to make the purchase directly, or you can use a different virtual card service if you have one available. Many online merchants also offer alternative payment methods, such as digital wallets or payment apps, that you can use as a backup option.
If you experience issues with this service, you can contact PayPal’s customer service for help. They can troubleshoot the problem or provide guidance on alternative payment methods that could be available.
Are There PayPal Key Alternatives I Can Use?
The primary alternative to PayPal Key is to use a debit Mastercard tied to your account. This option is available for many business accounts and some personal users. If you don’t have one yet, it takes about seven to ten business days to arrive.
You can apply for your debit card through your PayPal account dashboard.
Additional credit and debit card options from a connected bank account can help you complete a transaction.
If you prefer to use a digital key service to protect your account information, here are some options to review.
- Apple Pay. This digital wallet service allows users to store their debit and credit card information on Apple devices, using them to make online purchases securely.
- Google Pay. With this digital wallet service, you can store payment information to use with an Android device.
- Privacy.com. This website is a card service that generates unique virtual card numbers for each online purchase, providing an extra layer of security for your transactions.
- Capital One. Virtual Card Numbers is a service that allows cardholders to generate unique virtual card numbers for online purchases.
- Citi. This service allows Citi cardholders to generate unique virtual card numbers for online sales.
Another option to consider is called “Mastercard Identity Check.” It is a service that uses biometric authentication, such as fingerprints or facial recognition, to verify online transactions. It could be a suitable alternative for people or businesses wanting another security layer besides digital numbers and information.
Each option has its own set of features and benefits, so it’s important to compare them and choose the one that best meets your needs.
What Are the Pros and Cons of Using PayPal Key?
If you already have a PayPal account and are considering using the virtual numbers that this service offers, reviewing the pros and cons of this purchasing method is helpful.
Here is a closer look at the different advantages and disadvantages that could apply to your unique situation.
| List of the Pros of Using PayPal Key | List of the Cons of Using PayPal Key |
| PayPal Key adds an extra layer of security to online purchases. Since each virtual credit card number is only used for a single purchase, there is less risk of fraud or identity theft. | PayPal Key cannot be used for in-person purchases or for transactions that require a physical credit card. |
| It allows users to make online purchases without having to share their actual credit card information. This advantage can be especially useful for people who are concerned about online security. | While PayPal Key is free to use, there may be fees associated with using the virtual credit card number to make purchases. These costs will depend on the specific terms of the user’s PayPal account. |
| PayPal Key can be used to make purchases at any online merchant that accepts credit card payments. That means you can shop at a wide variety of retailers without having to worry about whether a credit card is accepted. | Some users have reported difficulties integrating PayPal Key with certain websites or services. This disadvantage can make it difficult to use the service for all online purchases. |
| You can easily generate a virtual credit card number online without having to go through the hassle of applying for a new credit card or waiting for a physical card to arrive in the mail. | Hackers can still find ways to steal your information, and some types of fraud (such as identity theft) are not related to credit card use. |
| Virtual credit card numbers can be used for online transactions, phone orders, or any other situation where you want to keep your actual credit card information private. | Virtual credit card numbers are typically only valid for a single transaction or a limited time. That can be inconvenient if you need to make multiple purchases or if you want to set up recurring payments. |
PayPal Key can be a useful tool for people who frequently make online purchases and want to add an extra layer of security to their transactions,
There might be better options for some, especially if they frequently make in-person purchases or if they encounter issues with integrating the service with certain websites or services.
Should I Start Using Virtual Numbers for Online Transactions?
Virtual numbers are a useful tool for online transactions, as they provide an additional layer of security and privacy. A virtual number is a temporary card number that you can use for a specific transaction, and then dispose of it once finished to protect personal information from being compromised in case of a data breach.
My family has over 50 years of free identity protection coverage because of our personal information being found in multiple data breaches. It’s a service we’ll likely never need to pay for again, but that doesn’t change the frustration of having this exposure.
When PayPal Key was introduced, I was super excited. I’d been using Citibank’s service since they began it in the early 2000s. Most of my income routes through PayPal at some point, so it still felt like I had exposure risks.
PayPal Key fixed that problem. It’s been a fantastic account feature, and I use it for almost every online transaction. Although it does take more time since each Amazon purchase requires a new input, the safety that comes from this structure is worth the investment.
