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Paypal Key

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SunFiend
Contributor
Posted on

I would like to sign-up for Paypal Key, the new virtual CC account payment option. I've previously used this with Citi CC but they have removed this feature from the CC I use with them. 

Does anyone know how to enable/apply for Paypal key or is it invitation only?

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Paypal Key

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ReadyPlayerOne
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Invitation only.  Just received mine today.   Not what I expected.   Like you, I was a CitiBank virtual account number user.   

 

The problem with PayPal Key, is it's JUST one number.   It doesn't provide the ability to generate MULTIPLE virtual account numbers with amount limits and expiration dates.   It's just ONE number.   

 

So, what happens if someone gets access to your Paypal key number?   What's to stop them from having a field day, which they would do if they had your actual credit card number?   Finally, does Paypal offer liability protection like Citibank??   I wouldn't think so.    Believe you would still be dependent on Citibank's Fraud department.

 

So really i don't see the value unless I'm missing something, which I rarely do (sorry that was a bit arrogant).   I plan on deleting the key and just using my Citibank card, unless someone can explain the value.

 

Thanks

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Paypal Key

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ReadyPlayerOne
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Invitation only.  Just received mine today.   Not what I expected.   Like you, I was a CitiBank virtual account number user.   

 

The problem with PayPal Key, is it's JUST one number.   It doesn't provide the ability to generate MULTIPLE virtual account numbers with amount limits and expiration dates.   It's just ONE number.   

 

So, what happens if someone gets access to your Paypal key number?   What's to stop them from having a field day, which they would do if they had your actual credit card number?   Finally, does Paypal offer liability protection like Citibank??   I wouldn't think so.    Believe you would still be dependent on Citibank's Fraud department.

 

So really i don't see the value unless I'm missing something, which I rarely do (sorry that was a bit arrogant).   I plan on deleting the key and just using my Citibank card, unless someone can explain the value.

 

Thanks

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ReadyPlayerOne
Contributor

One possible advantage.   It would depend on whether or not Citibank's Fraud department KNEW that the number stolen was the PayPal Key.  If they KNEW it was the PayPal Key number, they might NOT have to issue you a new Credit Card.   You would only have to delete the PayPal Key and generate a new one.

 

PAYPAL please weigh in here, this is important.   And if what I've said turns out to be true, then please put that on your description of what PayPal key is.  Thanks.

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16bert16
New Community Member

I've got the exact same question!  Why is someone stealing my singular Paypal Key virtual number any better than stealing an actual credit card number?  How do I know that Paypal's fraud department will a) catch fraudulent use and b) resolve it with minimal issue before someone runs up huge charges on my account?  And will I run into issues getting bounced back and forth between Paypal's fraud department and my bank's?  This seems more complicated for very little gain.

 

Can someone from Paypal please respond so we have an understanding of why Paypal Key is even worth using?

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mcapozza
New Community Member
Same question here! Wish someone at PayPal would answer

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TheOutlier
Contributor

This seems to be one of the stupidest ideas I've heard of. People use virtual account numbers because they want security when shopping online or over the phone. What's the point of using PayPal Key if you can't put a limit on the transaction and if the card number can be used again? That entails the same risk as using your REAL credit card number.

 

There is still potential for PayPal Key if they add those needed features (set limit on the transaction & set expiry date). I think PayPal can take advantage because not alot of credit card companies offer true virtual account numbers any more.   

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Aquarese112
Contributor
Yes is was a little bit helpful

Paypal Key

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Dangit
Contributor

In my wallet, I see the new virtual card.  Near the card, top right, the 3 vertical dots have an option to manage the Security Key. I can set my own key.

Wouldn't this solve the issue?

 

You can also delete the virtual card and then create a new one. I haven't tried to see if it regenerates the same virtual number.

 

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KaitouKiddo
Contributor

I just deleted my key and tried to get a new one. And then they told me that this feature is coming soon????

So then I lost my only Paypal key.

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lacakid
Contributor

Same thing <removed>!! I deleted my old key and it won't let me get a new one 😞 😞 😞

 

So angry! I had 3 of them so far since I got invited they always seem to do this to the virtual CC card programs 

 

What gives PP I want my virtual key please!!!!

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