Where do the VCCs (virtual credit cards) come from?

[lucasholder]

I noticed a lot of people sell prepaid virtual credit cards for Bitcoin in here. Anyone knows how the sellers go about making the cards? Doesn't Visa/Mastercard have KYC rules? And isn't it very expensive to become a credit card issuer?

Thanks.

[LeGaulois]

I noticed a lot of people sell prepaid virtual credit cards for Bitcoin in here. Anyone knows how the sellers go about making the cards?

There are websites or apps providing VCCs for free like Oxygen wallet, Lime, Udio... Or some persons basically receive VCCs as rewards from their online activity, etc. the same way people receive and resell Amazon vouchers, Bing rewards...

Doesn't Visa/Mastercard have KYC rules?

Up to $150, not really. That's why there are still places to buy prepaid cards without KYC (i.e. PCS)

And isn't it very expensive to become a credit card issuer?

Legally as a company? It's a nightmare between banks, Visa/MC, regulations, attorneys, partnerships, and so on...

[BitMaxz]

I noticed a lot of people sell prepaid virtual credit cards for Bitcoin in here. Anyone knows how the sellers go about making the cards? Doesn't Visa/Mastercard have KYC rules? And isn't it very expensive to become a credit card issuer?

Thanks.

If your plan is to become a credit card issuer it won't be easy but if you talking about the same as other VCCs sellers maybe you can offer the same thing.

Some of the sellers out there are making a VCC account with $2 inside/balance so that they can use these VCCs to register a trial like digital ocean, AWS, or Google cloud or any website that requires debit/credit card before you can get the trial service.

It requires some investment to put $2 for each VCC. This just based on my experience because I'm selling VCC before. So if you are planning to do the same you must have investment to send $2 for every VCCs you created.

Like the above said some VCCs doesn't require KYC and some of them must be KYC verified before you can use them.

Check this list below some of them offering VCC and some of them are not.
- https://docs.google.com/spreadsheets/d/1DRbTeMCzb4UeXI0YlAzBxMc2u2i0cN_17Ql6eMngK6E/edit#gid=0

[Welsh]

I used to think most of these were legit services, and they were simply resellers, and rewards which they have earned through their spending activities  but it seems that there's many that are obtaining them illegitimately which makes the process of buying them a little difficult without knowing that the person is operating legally. Usually, when they are selling a high amount, you can make the assumption that they're a reseller, and a one off may be a reward they have earned. However, you can't quite be sure, unless you know that the person is telling the truth.

There are definitely legit services out there which are offering virtual credit cards, but I'd say equally so there was ones which have been illegally obtained.

[EdenHazard]

I noticed a lot of people sell prepaid virtual credit cards for Bitcoin in here. Anyone knows how the sellers go about making the cards? Doesn't Visa/Mastercard have KYC rules? And isn't it very expensive to become a credit card issuer?

Thanks.

I used the vcc for paypal verification only long time ago before I know the cryptocurrency,  other than that pretty often I found someone got banned for using those vcc for fraudulent reasons..

That's got me thinking that using vcc for shopping or any other activity other than for PayPal verification is riskier to get detected as an illegal action.
That's my experience.

[shield132]

I noticed a lot of people sell prepaid virtual credit cards for Bitcoin in here. Anyone knows how the sellers go about making the cards? Doesn't Visa/Mastercard have KYC rules? And isn't it very expensive to become a credit card issuer?

Thanks.

It's very complex task to talk about. In overall you have to be a bank or associated with bank (despite the fact that users have to top up balance, you should be serious bank with good capital and strenght, at least you have contract with one of the most serious company). Once you team up with visa/mastercard, then you are able to provide virtual credit cards. This is what I can say shortly but I don't know exactly why it's possible for some companies to abuse vcc.
Also as far as I know there are some virtual credit card providers providing API to let users create a lot of cards.

[hugeblack]

Most of the time, those cards are preloaded with certain amounts that are less than the required limit for the rules of money laundering or drug trafficking, and then you can buy up to $ 50  or up to less than $ 1,000 according to the rules that platforms operate.
This is one of the sites that sell such cards ----> https://www.coinsbee.com/en/visa-mastercard-bitcoin, it is quite similar to selling gift cards.