V Pay is a payment system specifically designed for European consumers, that can be used to make payments across the continent, including at online gambling sites.
V Pay from Visa is widely used across much of Europe. It has been designed to work online, or at ATM's and retailers, while many online gambling sites now accept this method of payment.
How V Pay Works
Issued by the European arm of Visa, V Pay works as a standard debit card and can be seen as an equivalent to the Maestro brand that comes from MasterCard. Launched in 2005, by 2016 over 34 million V Pay cards were in use in Germany, France, Greece, Italy, Poland, Switzerland, The Netherlands, Bulgaria and Luxembourg.
Cards are issued by the users bank, with payments coming directly from their bank account, and even small payments can be made. As well as shops, it can be used at restaurants, bars, train ticket machines, self-service petrol stations and so on.
Customers can use V Pay at online gambling sites by entering the card details and confirming the payment with a PIN code. This layer of security ensures that the transaction is authorised, while withdrawn funds are returned to the same card quickly and safely. Not all banks allow this type of transaction however, and customers are advised to check before choosing this option.
For retailers, the advantages are that it can be used without any need to upgrade their terminals, and as it's a chip-only card, the risk of fraud or disputed transactions is greatly reduced.
V Pay is a chip and pin card, which cannot be used at retailers which don't have this facility, while it's exclusively for use in the European market which can limit its appeal.