A new disposable credit unveiled today will allow consumers to buy prepaid credit in the same way as they can top up their mobile phone credit.
Permanent TSB claims the 3V voucher is designed to enable customers to purchase goods and services over the Internet or by phone regardless of whether they possess a traditional credit card or not.
The 3V voucher works by allowing customers who have registered with the service to pre-purchase credit from thousands of shops in the same way that they buy credit for their mobile phones.
The maximum credit which can be purchased on any one 3V voucher is €350. The minimum is just €20.
Each time customers purchase credit, they will receive a printed receipt/voucher with its own unique Visa number. This number can then be used to purchase items online or over the phone in one or more transactions up to the value of the credit purchased.
Users are not liable to pay the Government Stamp Duty of €40 payable on traditional credit cards.
The prepaid credit voucher is the brainchild of 3V Transactions Services Ltd, an Irish company where the majority shareholder is alphyra. The company, which was set up by Irish entrepreneur Kieron Guilfoyle, holds patents for the product across the world.