MOVO is a virtual prepaid Visa card that allows users to spend or send money from their phone. All that is required is a MOVO account to do so. No bank account is required. Through the MOVO app, you are able to create a digital Visa card and then use it to spend money from your account anywhere that Visa is accepted.
This virtual account allows you to add money through a direct deposit, from another credit or debit card account, or even at your store. The mobile app is currently available to iOS and Android users.
How Does MOVO Work?
MOVO virtual payments are created by changing the infrastructure of how money exchanges hands when a purchase is made. This is done through technology that is called P2A4. Instead of using blockchain technologies, like Apple Pay or Bitcoin, MOVO uses P2P payments with real-time redemption capabilities through tokenization.
These tokens are referred to as “MovoCoin.”
This token process converts deposits into your MOVO account into tokens. When you initiate a transaction with your prepaid Visa cards that you create at your discretion, then the tokens are transitioned into a digital gift card. This keeps your personal information more secure without compromising the ability to make a purchase.
Then, if for some reason the virtual Visa prepaid card information is stolen, it becomes immediately invalid.
How Do I Load Cash into MOVO?
Like many prepaid Visa cards, you can add cash to your MOVO account through Visa ReadyLink. MOVO also works with other digital providers, such as Venmo and PayPal. It is also one of the few prepaid providers that currently works with Facebook Accounts.
Once you have money in your account, you can pay your bills electronically or issue a paper check from the account if needed. You can send payments to people in real-time without any lag, with the funds instantly available. That means a direct deposit, once initiated by an employer, will also become immediately available.
All it takes to send a payment through the app is to make a click. You can also issue payments through MOVO by sending an SMS text.
View for more details about MOVO Virtual Prepaid Visa Card.
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