Switzerland’s Cornèr Bank will become the
first financial services provider to launch Visa’s CodeSure
interactive payment card complete with an embedded PIN pad.
Visa’s latest offering allows consumers to
generate a passcode by typing their PIN number directly onto the
card, which Visa claims makes ‘Verified by Visa’ online
transactions more secure. The CodeSure card can also be used as
normal at POS terminals and ATMs and is contactless-enabled.
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The card uses an eight digit alpha-numeric
display, a 12-button keypad and battery embedded in the card, which
is designed to last for three years.
Cornèr Bank plans to introduce the card to its
customers over the coming months. Alessandro Seralvo, director of
Cornèrcard, claims the internet has become an important purchasing
channel for Swiss consumers who buy CHF6bn ($6.2bn) worth of
products online each year.
“We want to give our customers peace of mind
when buying online,” said Seralvo.
“With this revolutionary new technology fraud
online will be significantly further reduced, as the cardholder is
required to enter their PIN for each online transaction, preventing
any unauthorised use.
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By GlobalData“Combined with contactless technology, the
card will revolutionise the way consumers pay, allowing speed of
service and security, as well as worldwide acceptance.”
The process of validating an online
transaction using Visa’s CodeSure card commences when the
cardholder activities the authentication process by pressing the
‘Verified by Visa’ option button on the card’s keypad. When
prompted, the customer then inputs their PIN into the keypad
embedded in the card. A one-time passcode should appear on the
card’s display, which is then used by the cardholder to
authenticate the transaction.
“Visa is thrilled to be launching this
pioneering payment card with Cornèr Bank. This exclusive Visa
solution is an extremely convenient way to bring a similar level of
security to payments online as we now enjoy on the high street with
chip and PIN,” said Sandra Alzetta, head of innovation at Visa
Europe.
“Visa CodeSure goes beyond online and remote
shopping also allowing organisations to use the card in place of
other online log-in systems to access, for example, online and
telephone banking and corporate virtual private networks.”
