Don't many credit cards already offer one time use numbers?

This article is from the year 2000: http://news.com.com/2100-1017-245428.html

It's called a "gift card" and nearly every major retail outlet has them.

On top of credit card companies offering this, there are companies already doing this sort of thing independantly, and then some:

http://www.getipic.com/

Not only will they offer one time use credit cards, but they'll also have one time use name and address information too.

Agree with the others this idea has been well done already by the major credit card companies e.g. Visa etc. and individual banks .. certainly in Europe anyway.

man i wish i cud get one... d idea is new though i read that its been done but when i 1st read this - i said EUREKA .. i want this :) nice thought

I have heard of this also, also how does it make money? Surely the credit card companies would just "swipe" this idea for themselves as it is them who issue them. Why would they hand over the revenue for free?

Been done by the big boys already.

C'Mon guys, There's a difference between what i call 'self destructing cards' and those that exist as pointed out by motiggidy. the main component (ie: if you read the description) is that these cards would be created by the user himself, and not issued. the card creation would be not just a one time use card like a gift card for a specific amount, but rather a card that has a specified amount for a specified vendor. the issue with gift cards is that the vendor issues them, the issue with AmeX is that it requires software to be downloaded and used by both the vendor and the cardholder.

This is different. Here's a scenario
I plan to buy lingerie for my wife at victorias secret for 1041$ and coffee from starbucks for 12.50$. Well i loginto my "card creation" website.... select the type of card.. ie; visa/master/amex/discover, etc... specify the amount... specify the vendor... specify the expiration period... and instantly get issued a "number".

I then could print the card out on paper !!! and shop !!! the vendor need not swipe the card via his terminal, but could punch in the number/expiration date and the amount.

Here's the tough part. the service needs to be TIED to visa/mastercard/amex services etc..(thats where the business model kicks in) whereby the authorization succeeds only if the amount+number+date+vendorID (from a list of victoria secrets vendor-id's that they already have on file) is a perfect match.

the user could choose to have the "self destructing" card mailed to him for a small 'fee" so the card can be "gifted"...

So now... whats your opinion ?

My bank offers me this fonctionnality for free

Have a look at this https://www.3v.ie/

A 3V Voucher is a disposable 16-digit prepaid VISA debit number

keith

To avoid the risks of using your card in the real world, you will have to create a card at the Internet? And then go back to the shop with a printed piece of paper?

I don't get it...

Maybe if you can create a system that gets the approval code from the Credit Card Company right over your cell phone... but the again, the POS machines do that already.

Can't see the point of complicating something thta is very simple.

Sorry.

My discover card has this thing you download on to your computer. It logs into your account center when you turn the program on and gets your balance. If you are on a vendor such as ccbill.com or some other site you dont really want to have your real CC#, you just hit "creat disposable" button, and it makes a specific # that can only be processed by the specific web page that the program detects as the active browser page.

The business case for this has issues out of the gate. first, if this ties into the credit/debit card transaction clearing systems, which it has to, getting code changes with the clearing houses is tedious and expensive. I've read the spec for debit/credit transactions, and it ain't pretty! Add to this, there are several clearing houses in North America alone, and you would have to address this with all of them. Based on your model, this will also require changes to the credit/debit terminals for 2 reasons: this is a new type of "card", and additional input fields are required to process this type of "card". this would force retailers to either need to update their terminal software, or in the case where the terminal is part of their POS system, make changes to their cc/debit processing software. Let me add one more issue to this... since this is a 2-step transaction through the clearing house (the first to purchase the "card" and the second to spend it), the transaction is going to be subject to 2 discounts. Usually it is only subject to one... and the retailer pays for that. In other words, if I pay via my visa for a $100 purchase, the retailer gets charged a 2% transaction fee (for example, depending on their contract) and nets $98 out of the deal. So who pays for the other transaction fee?? The purchaser?? Sorry to rain on your parade, but this looks like a lot to work out in a 6 week developement cycle.