UPayCard became available in 2013 and today offers online and prepaid payment services to users for both business and personal accounts. Security is a priority for the company, so much so that it affects the convenience and ease of use of its products. An e-wallet is the main account with access devices available including the physical and virtual MasterCard.
How Does Visa UPayCard Work?
To begin, registration is free and may be done with a few standard personal details. Just as you would expect when opening a bank account, in order to make full use of your account you’ll be subject to an identification process. UPayCard complies with UK regulations requiring it to ‘Know Your Customer’ as well as Anti Money Laundering and Counter Terrorist Financing regulations. Upon registering an account, you will be required to provide your name, address, birth date, phone number, email address and a valid government issued identification number. You may choose to use your account in various ways but depending on the activity you may be required to provide additional information including pictures of a current picture ID and proof of your address.
In terms of the e-wallet account, it works in essentially the same manner as any other virtual wallet. Users transfer funds into the account and can make online purchases with merchants, casino operators, etc. that accept this payment method. The MasterCard may be used to withdraw cash directly from ATM’s or make purchases. For extra protection UPayCard offers a virtual MasterCard, which is a card number generated valid for a limited time to be used online before expiring.
Pros & Cons
The benefit to any e-wallet is the fact that users do not have to enter their personal banking or credit/debit card information online. You can control the balance in your account and keep a minimal amount in the account. The MasterCard products are additional practical accessories. With that said, many other e-wallets offer the same convenience with far less inconveniences.
Moving on to the cons, UPayCard requires users to transfer money into the card account. The e-wallet is separate from the MasterCard so you must remember to transfer to the card before using it. Mobile access makes this easier and if it doesn’t pose a problem for you, UPayCard may still be an option.
If the balance transferring isn’t enough to discourage you then the fees will be. It’s true that most every virtual wallet is associated with some fees but this one has a charge associated with even the most basic transaction. Account holders are charged for everything from funding their account to monthly fees, MasterCard use and practically anything else you can think of.
When considering this method of payment we recommend reading the terms and conditions and the list of fees, as with any other e-wallet.
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