OneVanilla Check Balance
OneVanilla Prepaid MasterCard is one of the best prepaid cards for regular spending worldwide. You can pay your school fees, shopping and electricity bills. Buy-Gift Card. When it comes to financial secrecy, good old-fashioned banknotes and secrecy cryptocurrencies such as Zcash & Monero get all the attention. But as I recently wrote for Sound Money Project, let's not forget about prepaid debit cards. After having written a bunch of posts over the last two years about financial privacy, I have recently decided that it was time for my own personal financial privacy move. A few months ago I moved to my local pharmacy and bought my first non-reloadable prepaid debit card (ie gift card), the OneVanilla Balance Card.
You've probably seen a rack of prepaid cards in front of pharmacies and department stores. Some of them are closed-loop cards. Tim Horton or Starbucks states that they can only be used to buy issuer's items. But some of them, like my new onevanilla prepaid card, are open-loop cards. This means that they can be used if Visa or MasterCard is accepted. In Canada, onevanilla cards are sold in denominations from $ 25 to $ 250.
OneVanilla Prepaid Mastercard Balance
The onevanilla card I bought did not have my name on it, nor did I have to show an ID to purchase it. I paid cash for this. This means that whenever I use my card, my identity will not be associated with the purchase. My card is backed by dollars held in a deposit account at a Canadian bank People's Trust Company. This gives me the right to anonymously route my share of funds deposited with the one vanilla MasterCard network through the MasterCard network that operates the MasterCard terminal.
Given that authorities and banks have built a huge financial monitoring mechanism (Bank Security Act, FATF, AML, CFT, suspicious transaction reporting, etc.) for decades, it seems strange that the digital payment system is anonymously This small window to access will remain intact. . To comply with Canadian anti-money requirements, card-issuing banks require that prepaid card vendors (my pharmacy) collect the buyer's personal information when the card's face value exceeds $ 1000. For the amounts below, due diligence is waived. The same practice is followed in America. Due to this regulatory exemption I do not have to sacrifice my anonymity when purchasing my card.
The idea that induces a sub- $ 1000 exemption is that small amounts of alimony may not easily facilitate criminal activity, but large amounts may. (Note that I can convert my non-reloadable Check Onevanilla Card Balance to a reloadable format - i.e. a card that will enable me to add money after the first batch is used - but I need to enter and discard my information. Only non-$ 1000 cap-down-loadable cards are exempt from due diligence.
I do not suffer from privacy. I still use my knowledgeable credit card for a large part of my day to day shopping. But from time to time I like to have the option of saving my data from outside observers. Cash is good for that. I already use bank notes and coins to pay for face-to-face purchases. This is usually for convenience, but sometimes it is because I do not give up many of my personal details to the retailer (especially small shops that I have never been to before).
By adding a non-reloadable prepaid debit card to my wallet, I have gained additional security. Say that I have used all the cash in my wallet, or that I need to shop at a place that does not accept cash, or that I want to buy something online - well, a OneVanilla Prepaid Mastercard Balance provided to me in a way Doing transactions while protecting my data.
Law-abiding citizens who are conscious of their financial privacy are of a much smaller demographic. Sellers of non-reloadable prepaid cards have very large markets in mind, especially: 1) people wishing to buy gifts convenient to friends and family or; 2) Unbanked and unbanked, ie those who do not have or have bank accounts, but do not use them. By allowing people to purchase prepaid cards without identification, no formal credentials such as a driver's license, social insurance number, or credit score can still make digital payments. Think of the homeless, children and teenagers, immigrants and refugees.
I am neither unbanked or underbanked. I have found many bank accounts that I use frequently. Nor am I buying these cards as gifts. So I'm not really the target market for non-reloadable debit cards. My ability to gain anonymous access to digital payment systems is actually a by-product of a wider effort, making it easier to unbank. This is a precarious situation for a privacy conscious person. In the US, where only ~ 93% of the population is banky, the constituency is relatively large for anonymous prepaid access. But in places where the bank's population is approaching 100% (Canada, Finland, Germany, Netherlands, Denmark, Belgium, Sweden, UK), there is possibly little political support to provide anonymous access to the banking system.
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