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Visa launches a payment Card in Europe
Category : General 06 Jun 2010 05:26 AM | Industry News
Visa Inc. (NYSE: V) is an American global payments technology company headquartered in San Francisco, California. Visa connects consumers, businesses, financial institutions and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash.
By providing a Visa card with an alpha-numeric display, a 12-button keypad and battery embedded in the card, fraud online will be significantly further reduced. As the cardholder is required to enter their PIN for each online transaction, the Visa CodeSure card will prevent any unauthorised use. Visa CodeSure works on any Visa debit, credit, prepaid or commercial card.
Visa CodeSure provides multi-channel authentication technology in a single convenient Visa card for consumers. Visa Europe has approved its use in the following services:
PIN generated one-time-passcode for Verified by Visa payments at participating merchants globally – without changes to merchant software or cardholders having to register and remember passwords
PIN-generated one-time passcode for online banking access
PIN-generated one-time passcode for telephone banking services
Transaction signing for online banking services, using specific elements such as Account Reference Number or amount of transaction
Access to third party services such as corporate virtual private networks (VPN) for commercial card users, or frequent flyer programmes and other online services
Visa has extensively tested the product’s durability, safety, reliability and security before enabling it for commercial launch. The Visa CodeSure card offers banks a solution to fulfil all of their multi-channel banking requirements. The use of PIN-generated one-time passcodes and using mutual authentication* technology, will provide banks with an attractive solution that enables security and convenience in the same device – a Visa payment card.
The process of validating the transaction is done in three simple steps:
When shopping online or logging in to an online banking service, the cardholder activates the authentication process by pressing the “Verified by Visa” option button on the card’s keypad
When prompted the consumer inputs their PIN into the keypad embedded in the card
A unique one-time-passcode appears on the card’s display, which is then used by the cardholder to authenticate a normal Verified by Visa transaction.
TAGS : Visa, Online, Security.