Temu has rapidly climbed to the top of e-commerce sites in a relatively short time; they sell all sorts of things at low prices. Would you like to know how to pay for Temu anonymously? You can deposit crypto into your wallet and use it to buy a Virtual card, which you can connect to your Temu account as a payment method. The card is anonymous and not related to your personal bank account, meaning your purchases will show up only on your PlasBit card transactions history and not your bank credit card statement.
How to get a Plasbit virtual card
A Plasbit virtual card takes care of how to pay for Temu anonymously; later in the article, we discuss why you should do it. Here are the steps to acquire and use an anonymous Plasbit virtual card.
Step 1 – Login To Your Plasbit Dashboard and Go to the wallet section.
Step 2 – deposit your preferred cryptocurrency
Step 3 – Head Over to The Card Section
Select the Virtual card in your preferred currency, USD or EUR, and click “Get This Card.” Then, complete the ordering process.
Step 4 – Wait For The Card Confirmation
Once your virtual card has been successfully issued, you will receive a notification via email.
Step 5 – Load Funds Onto The Card
Revisit the “Cards” section and click on the “Open Details” button. Navigate to the “Funding” tab and choose from which wallet you wish to deposit funds, then press the “Load” button and press “Submit” once you check the amount is correct.
Step 6 – Get Your Plasbit Card Details
You can access the card details and get your card number, expiry date, and CVV by pressing the “View Card Details” button.
Step 7. Go to your Profile on the Temu website
Step 8. Click on Your Profile
Step 9. Click on Your Payment Methods
Step 10. Click on Add a Credit or Debit Card
Step 11. Add your Plasbit Card
Step 12. Go to the Billing Address
Step 13. Fill in the Shipping or Billing Address and click on Save
Step 14. Here is your Plasbit virtual card, which is ready for use.
Why is privacy so important when you buy from Temu?
Temu is a very controversial company founded in Boston and launched in 2022; it became popular very quickly thanks to its aggressive pricing strategy and extensive product offering. Following its success in the United States, it expanded to other markets, and by the beginning of 2024, it had expanded its presence to 49 countries. It is not at the same level as Amazon, Alibaba, or eBay in terms of overall market share, but its app is one of the most downloaded from AppStore or Google Play Store.
Like many e-commerce platforms, Temu collects users’ data for various purposes. Although it has not been linked to any data leaks or hacking, cybersecurity experts have raised concerns about how the data might be used or shared and the extent of data collection. Some countries’ regulatory bodies have started looking into Temu’s cross-border data transfer and compliance with local privacy laws. So far, there has been no report of significant data breaches, but again, experts have discussed potential security vulnerabilities of the Temu app. All those concerns mean that our virtual card protects from any authorized or non-authorized data misuse.
Strictly speaking, using a reloadable card for any purchase on the internet from any site is prudent. Whatever happens, the maximum amount you can lose is the balance on the card. There is no risk to your bank account or the credit limit on your primary card in case of data leaks or hacking. More specifically, there have been reports of users experiencing unauthorized purchases or account-related issues, although it was unclear whether they were due to security breaches or other factors.
An article published by dailymaverick.co.uk on 1 May 2024 quotes a cybersecurity company (Eset) tips to shop securely on Temu. Amongst them, there are a few particularly relevant to the suggestion of using a reloadable anonymous card:
· Never save your payment details in your account. Also, set up two-factor authentication to protect your account better than just using a password. If your bank offers the option of digital bank cards, use those. [Our virtual card meets all the recommendations in this tip]
· Be aware and exercise caution when it comes to the permissions you grant to the Temu app.
· Avoid logging into Temu via your social media accounts or linking it to any other online accounts.
Other articles mention problems in removing a payment option from the app. All those warnings may be disregarded when you use our card. An anonymous card addresses the privacy and security concerns expressed by many experts and shared by many journalists.
Confidentiality and data protection are the leading security concerns around Temu and its app, but they are not the only ones. Temu ships directly from Chinese factories; it exploits loopholes in many customs regulations; for instance, in the US, the ‘de minimis rule’ allows goods valued under $800 to enter the country with minimal scrutiny and without paying customs duties. For instance, in 2022, Gap paid $700 million in import duties, and Temu paid nothing. The minimal inspection associated with the de minimis rulealso raises concern that counterfeit goods may enter the US market. There are also concerns about the quality of the products and compliance with the health and safety rules of the countries that receive their goods. This is also common to other imports from China; about twenty years ago, customers who bought Chinese-made leather sofas from Argos, a UK retailer, complained of health issues caused by the chemicals used to treat the leather, chemicals that a UK manufacturer could not have used.
Temu is also accused of not complying with the Uyghur Forced Labour Prevention Act, raising alarms about some products being linked to forced labor practices in China.
Temu corporate structure’s lack of transparency may have contributed to some of those concerns. It is technically based in the US but owned by PDD Holdings Inc., a Chinese company based in Ireland listed with NASDAQ. PDD Holdings also owns an e-commerce platform, Pinduoduo, which is very popular in China. In 2023, Google Play Store suspended the Pinduoduo Inc. app (the predecessor of PDD Holdings Inc.) for problems such as inexplicable installation, privacy leakage, and inability to uninstall. Possibly, the attention on Temu and its app comes not just from its popularity, aggressive marketing, and increasing appeal but also from the past problems of its holding company.
Concerns about data protection, malware, and spyware cannot be ignored, even if you believe those who say that they were raised to create negative PR around Temu and cheap Chinese imports. The ability to pay for Temu purchases anonymously is a simple way to protect yourself from those risks.
Temu and Shein
Temu has a troubled relationship with Shein, another e-commerce platform selling cheap Chinese imports. Temu sells everything, from fashion to plastic furniture, while Shein specializes in fashion. Both companies have aggressive marketing strategies, advertise heavily online, and sell cheap Chinese-manufactured products. In August 2024, Shein became one of several companies that accused Temu of stealing its designs, copying its products, and engaging in other types of fraud.
Shein's accusation is hardly isolated; Temu has weathered many accusations of copying products or designs. Shein filed a lawsuit in a Washington federal court (after all, Temu is a US-based company), alleging that Temu encourages its sellers to offer counterfeit items, stolen designs, and sub-standard products to maintain its low prices.
It might be a case of the pot calling the kettle black because Shein itself is the target of lawsuits from brands and designers who have accused the company of selling copycat items on its e-commerce site.
Shein’s lawsuit could be just two aggressive competitors using every possible means to gain competitive advantages; still, it could also highlight that both companies take advantage of the very loose Chinese copyright and intellectual property protection rules.
Paying with cryptocurrencies
Using a Plasbit Virtual Card allows you to pay for your Temu purchases with cryptocurrencies because you fund your Virtual Card from a cryptocurrency stored in your Plasbit wallet. However, some companies allow their buyers to pay directly with cryptocurrency.
Which companies allow you to pay with cryptocurrencies?
Companies in many business sectors already allow payment directly with cryptocurrencies. Here are a few examples:
· Whole Foods—Whole Foods is a major organic, plant-based, and health food supermarket. Consumers can shop through the Spedn app and pay with cryptocurrencies.
· Columbia Sportwear – A clothing and gear store for the outdoor life, they accept Bitcoin for purchases through their website.
· Expedia – A travel website that accepts Bitcoin for hotels, flights, etc.
· Lush – A handmade cosmetic company accepts Bitcoin for its purchases from its website since 2017
· Air Baltic - Latvian airline airBaltic became the first aviation company in the world to accept Bitcoin as payment for fares back in 2014. The company has processed over 1,000 Bitcoin transactions since it launched the payment option ten years ago.
· Lot – Following the successful example of Air Baltic, Polish airline LOT also started accepting Bitcoin as payment for flights in 2017. Lot and AirBaltic are the only two European airlines that accept cryptocurrencies as a form of payment for their flights.
· Sotheby’s - Renowned auction house Sotheby’s first began accepting cryptocurrency as payment in late June 2021 and has since firmly embraced both cryptos and NFTs. For instance, they accepted Bitcoin for a rare 101-carat diamond sold in July 2021 for $12.3 million (€10.4 million). It became the most valuable item ever bought with cryptocurrency at an auction. The auction house will accept both Bitcoin and Ether as payment. However, there are specific terms and conditions for accepting crypto as payment.
· Coca-Cola - Amatil, the drinks giant’s bottler and distributor in the Asia-Pacific region, has enabled cryptocurrency to be a payment method through its partnership with the Centrapay platform. There are now thousands of vending machines in Australia and New Zealand that are geared to accept cryptos to pay for drinks.
· Axa Insurance - As of the start of April 2021, the insurance broker allows customers in Switzerland to use Bitcoin as a payment option for their bills. The decision to embrace cryptocurrencies has been in the pipeline since market research conducted by the company in 2019 found that nearly a third of respondents aged 18 to 55 had either already invested in them or were interested in doing so. Customers will now have a reference code printed on bills for non-life insurance policies to pay their premiums through the crypto exchange Bitcoin Suisse, which will convert them into Swiss Francs. s
· Pavilion Hotel & Resorts - The Hong Kong-based Pavilion Hotels & Resorts group has also become the first international hotel chain to embrace virtual currency payments. The group - which owns properties in Amsterdam, Madrid, Lisbon, Rome, Bali, and Phuket - has accepted bookings using 40 different tokens, including Bitcoin and Ethereum, since July 2021 through their partnership with payment platform Coindirect.
Many other companies, like Tesla, have made big announcements that they will start accepting Bitcoin soon, but the ‘near future’ never materialized. Others like Mastercard and Visa launched pilots in 2021, but there is no specific timeline for when they will start accepting crypto as payment.
What are the benefits of accepting payment with cryptocurrencies?
There are several positive reasons why a company might consider accepting cryptocurrencies. It can attract cryptocurrency enthusiasts and tech-savvy consumers; accepting cryptocurrencies would also give the company a forward-thinking image and associate it with technological advancement.
Cryptos also have lower transaction fees than traditional payment systems; cross-border payments are faster and do not need an intermediary bank. There is also a reduced risk of fraud; generally speaking, crypto transactions are irreversible, reducing chargebacks.
They also offer a level of privacy that some customers value. Crypto could be considered the electronic equivalent of cash.
There is also a potential for asset appreciation; cryptocurrencies may increase in value over time; the actual potential for appreciation depends on the company treasury policy. If they can decide when to sell, rather than converting crypto into fiat at regular intervals, they can make the most of the potential for appreciation.
What are the drawbacks of accepting payment with cryptocurrencies?
The extreme volatility of cryptocurrency prices is a major drawback for widespread adoption. It is difficult to price goods and services directly in crypto. For instance, Bitcoin’s price dropped by 50% in 9 days in May 2021. So either businesses may be underpaid, or costumers may overpay for their goods and services.
Moreover, the regulatory landscape of cryptocurrencies is still evolving and uncertain in many jurisdictions. A government may regulate cryptocurrencies, potentially making it illegal to accept them as payment for goods or services. In this case, a solution like the Plasbit Virtual Card will help because you pay using fiat currency (USD or EURO) from a card funded using cryptocurrencies.
Cryptocurrencies are treated in different ways; for instance, the US Tax Authority considers them assets. Businesses need to track their value when they receive them and when they sell them to calculate capital gains tax, adding tax complexity to what otherwise would be a standard transaction.
Another ‘benefit with a but’ is the lower transaction cost. Crypto transaction fees are lower, but there are transaction costs to convert crypto into fiat currency. Those transaction costs may negate the savings from lower transaction fees.
Cryptocurrencies are confidential. Ultimately, they are as anonymous as cash. Some transactions are anonymous, which may create problems for a business that needs to comply with know-your-customer or anti-money laundering regulations, not to mention the risks of hacks, scams, and theft.
Despite growing interest, cryptocurrency adoption is still limited compared to traditional payment methods. The technical complexity of using cryptocurrencies can also be a barrier for many potential customers; many people do not trust them.
What would happen if Temu decided to accept Bitcoins as a form of payment?
If a significant e-commerce platform like Temu started accepting Bitcoin as a payment method, there would be a major impact on both parties.
What would be the impact on Bitcoin
Boosting adoption and perceived legitimacy
A popular e-commerce platform’s acceptance of Bitcoin would expose Bitcoin to Temu’s extensive customer base. It would probably encourage more retailers to follow Temu’s lead, increasing Bitcoin’s everyday use and turning it into an actual payment method rather than a speculative asset. A mainstream consumer could increase their trust in Bitcoin’s legitimacy as a payment method.
Increased Transaction Volume leading to a more stable Bitcoin
As customers use Bitcoin for purchases on Temu’s platform, the increased transaction volume could stabilize Bitcoin’s value over time, thanks to increased use. It would also make cross-border transactions easier and faster.
Positive Price Impact
A major company’s announcement that it will start accepting payment in Bitcoin usually drives up the price of Bitcoin. The size and volume of transactions on Temu’s platform would increase demand as more people would want to acquire Bitcoin. So whenever a company announces they will start accepting payment in Bitcoin, the market perception is that a percentage of the company’s client base will seek to acquire Bitcoin, which would drive the price up.
However, while Temu accepting Bitcoin would likely be positive for the cryptocurrency overall, it’s important to note that the actual impact on Bitcoin’s value would depend on various factors, including market conditions, regulatory environment, and the scale of implementation by Temu.
Market perception shifts
Temu accepting Bitcoin might accelerate the trend of cryptocurrencies becoming a more mainstream payment method. Traditional payment systems would feel the pressure to compete and innovate, for instance, by aiming for lower fees and market transactions.
However…
Bitcoin’s price volatility could make it difficult for Temu to price items consistently, potentially limiting its practical use. Temu’s ultimate Chinese ownership may create regulatory concerns, complicate the implementation of Bitcoin payments, and impact Bitcoin’s overall value.
What would it mean for Temu to accept Bitcoin
The potential acceptance of Bitcoin by Temu could significantly enhance its competitive edge in the market, particularly against established players like Amazon and emerging rivals such as Shein. Integrating Bitcoin into its payment options could enhance payment flexibility, differentiate its brand, and help it adapt strategically to regulatory changes. However, carefully managing the associated risks will be essential for maximizing these benefits.
Enhanced Payment Flexibility
Accepting Bitcoin would allow Temu to cater to a growing demographic of cryptocurrency users, thereby expanding its customer base. This flexibility can attract tech-savvy consumers who prefer using digital currencies over traditional payment methods.
Bitcoin transactions can lower fees associated with credit card processing, potentially allowing Temu to offer more competitive pricing or greater discounts to customers
Market Differentiation
Temu could position itself as a forward-thinking brand that appeals to younger, more tech-oriented consumers. This differentiation could be crucial in a crowded marketplace where many retailers offer similar products. Moreover, accepting Bitcoin can foster a sense of community among users who are passionate about cryptocurrency, creating loyalty and repeat business through targeted marketing campaigns aimed at this demographic.
Operational Advantages
Bitcoin transactions can be processed faster than traditional banking systems, which may enhance the customer experience by reducing wait times for payment confirmations.
Bitcoin’s decentralized nature could streamline Temu’s international transactions, making it easier to sell products globally without the complexities of currency exchange and international banking fees.
Strategic Positioning Against Regulatory Changes
Many countries around the world are tightening regulations on e-commerce, especially regarding imports from China, and adopting ever stricter Data Protection rules. Accepting Bitcoin could provide Temu with a strategic advantage because it allows quicker adaptation to regulatory changes while maintaining operational efficiency through cryptocurrency transactions.
The volatility of fiat currencies can pose risks for businesses. Bitcoin could enable Temu to hedge against inflation and currency devaluation, potentially stabilizing its revenue streams in uncertain economic climates.
However…
The fluctuating value of Bitcoin can pose risks if not managed properly. Temu would need to implement strategies to mitigate potential losses from price swings. It may also need to invest in educating its user base about how to use Bitcoin effectively on its platform because not all customers are familiar with cryptocurrency.
Back to the present
Temu has not adopted Bitcoin yet. We have seen a generic concern among computer security and e-commerce experts on some aspects of their technology, especially regarding their app. Consumers need to manage the risk of potential data leaks. A reloadable digital card protects your bank account, but Temu captures other personal data you may not want to share with them or, worse, share with whomever they share your data. The perception that it is prudent to share as little of your data as possible is partly fuelled by the lack of corporate transparency. Plasbit virtual cards offer the perfect answer to how to pay for Temu anonymously.
