Payset prespective
June 8, 2022

Do Prepaid Cards Have a PIN?

PINs, or personal identification numbers, are passcodes that a financial cardholder can use to access their balance.

PINs are commonly used to make point-of-sale payments, access account information, withdraw money from ATMs, or carry out other transactions involving a card.

So, do prepaid cards have a PIN?

Prepaid cards almost always have a PIN. A PIN provides the prepaid card with an additional layer of security, preventing your funds from being compromised by a third party. 

Keep reading for a detailed breakdown of the reasons why prepaid cards have a PIN, as well as some tips for setting a strong PIN for your card.


Why Do Prepaid Cards Have A PIN?


Prepaid cards have a PIN in order to provide security by restricting access to the proper card holder. 

Here are a few more specific reasons why cards have PINs:

To Complement Your Card Number

If someone manages to steal your prepaid card, they will be unable to make a purchase unless they know your PIN as well. 

Unlike the number on the front of your card, PINs are usually short and can be set to a number of your choice. If you memorize your PIN without writing it down, it will be very difficult for anyone to find or guess your PIN.

To Limit Transaction Attempts

Even if someone else attempts to guess your PIN, they will only be able to make a limited number of attempts. 

If a thief makes a certain number of guesses in a certain amount of time, your account will be locked and they will be unable to withdraw money. Then, you can reset your PIN.


To Activate the Card

Though the term PIN stands for “personal identification number,” PIN codes are not necessarily chosen by an individual to begin with. 

Sometimes PINs are included with prepaid cards to serve as an activation code. Once activated, users can change the PIN to a different number if they’d prefer.


To Verify Purchases

PIN codes are often used to verify contactless purchases, chip-and-PIN purchases, and ATM withdrawals.

The fact that PINs are used in these circumstances means that merchants can use different verification methods - such as CVC codes and magnetic stripe verification - inn other situations. 


Tips For Setting A Strong PIN


You should always choose a strong and secure PIN that is easy for you to remember, but difficult for others to guess. 

Here are some tips for choosing a strong PIN for your prepaid card:


Tip 1: Set a Meaningful Pin

Choose a PIN that means something to you. 

For easier memorization, you can choose a four-letter word that corresponds to numbers on a keypad instead of choosing a number on its own.


Tip 2: Don’t Use Obvious PINs

Don’t use PINs that are easy to guess, such as “1111” or “0000.” 

It’s not a good idea to use a number that someone else may easily be able to guess, such as your birth year or street address.


Tip 3: Don’t Write Your PIN Down

You shouldn’t write your PIN down, as doing so will make it easier for someone else to use your card if they steal it. 

Instead, you should memorize your PIN. If you must write down your PIN, keep it in a location separate from your card and do not label it in any way that might connect it to your card.


Payset’s Debit Card Solution


Payset offers a debit card with several convenient features. You can fund your card with various local currencies and spend your balance almost anywhere in the world. 

We offer prepaid cards that cater both to personal users and enterprise users, all with strong security and verification measures.


You can take advantage of all of these features today by signing up for an account with Payset today. Just click on the “Get Started” button below.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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